Record prices but sellers are warned

The price of property coming to market has hit a new record high for the second consecutive month, with the national average now being £354,564, according to Rightmove.

This month’s 1.7 per cent increase is the largest at this time of year since March 2004. In addition, the annual rise of

10.4 per cent is the highest that Rightmove has recorded in any month since June 2014.

Yorkshire saw a 1.2 per cent increase in asking prices this month and a 12.4 per cent yearon-year annual rise, bringing the average house price in the region to £230,935.

Tim Bannister, Rightmove’s Director of Property Data, says: “This unprecedented price level is being stoked by the greatest imbalance between buyer demand and the number of properties available for sale that we have ever measured at this time of year.

“There’s a hat-trick of reasons for homeowners to follow the normal trend and make it their goal to sell this spring.

“Firstly, the potential to achieve a record price for their property.

“Secondly, the imbalance between high buyer demand compared to low available property supply.

“Thirdly, the proportion of properties finding a buyer within the first week is also at an all-time high for this time of year, so sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm.”

He adds a warning: “Agents report that a price reduction is often needed if a property has not found a buyer within the first two weeks. It could be that the property is too niche and has to wait for the right buyer but more often it’s due to prospective buyers being underwhelmed by a seller looking for an over-optimistic asking price compared to other properties that are being snapped up at record speed.”