House prices across the UK have increased to record highs as sellers can expect ‘best ever spring market’. According to Rightmove's House Price Index, the average price of a property coming onto the market has broken the £350,000 barrier for the first time.
The national average price for a property on the market has reached £354,564, which has pushed the annual rate of increase to 10.4 per cent. An imbalance between buying demand and the number of properties for sale is one of the key factors causing the price surge, Rightmove has said.
There are more than twice as many buyers as sellers, with the chances of sellers finding a buyer in the first week at its highest ever. Nationally it took on average 36 days to secure a buyer in February 2022, down from 60 days in February last year.
