The South West has seen the biggest rise in house prices in England over the last year, new data from Rightmove suggests.
Average property prices in the region hit £379,956 last month - up 13.5% on the same time in 2021. In March alone, the cost of the average property in the West Country rose 2.7%.
Rightmove said all nations and regions across the UK had reached new record price highs for property for only the second time since 2007.
Nationally, month-on-month prices have risen by an average of 1.6% (+£5,537) and over the last three months by £19,082 - the largest three-month price increase that Rightmove has ever recorded.
Homes are also selling faster than ever before and twice as quickly than in 2019. The South West was the second-fastest region for selling property, taking 28 days on average, while Scotland topped the list with an average selling time of just 22 days.
Rightmove said the demand meant 53% of UK properties were selling at or over the full asking price - the highest level ever seen.
Affordability constraints caused by the rising cost of living and a dampened economy are expected to slow the pace of price rises later this year, but high buyer demand and limited stock for sale suggests sustained price falls are unlikely, Rightmove said.
“The South West is really interesting,” said Tim Bannister, Rightmove’s director of property data.
“Quite early on [in the pandemic] Cornwall overtook London as the most searched for area on Rightmove. Many people came out of the pandemic wanting to make a big change to move to the coast or rural areas, to get more green space. We saw that initially very clearly and I think that is continuing.”
According to Rightmove, there is a supply and demand imbalance in the South West, which is driving up prices.
Mr Bannister added: “We are still seeing really strong demand for people to live by the coast and the South West has stunning coastline and rural areas. Demand for top hotspots, such as Cornwall and Devon, looks like it will continue for some time.”
The top-10 buyer hotspots in the country now include Stratton St Margaret and Melksham in Wiltshire; Bedminster in Bristol; and Tavistock in Devon, Rightmove said.
