According to Rightmove’s House Price Index, the average price of a property coming to market is £327,797, a jump of over £6,000 compared to March and 2.1 per cent higher than the month before.
Sellers had returned to the market, with 145,000 properties entering the market for the first time, but not nearly enough to meet demand with the supply of properties available to buy at the lowest proportion ever recorded.
This buying frenzy spread to Retford estate agents, with the average price of homes coming to market being 5 per cent higher than its 2018 peak, at £178,499.
As well as property prices increasing, the speed at which houses are sold is also intensifying, with the average time between a house entering the market and being sold down to just 45 days.
Even more remarkably, the number of houses that have sold within a week of being put on the market has reached its highest-ever level, with almost a quarter (23 per cent) being quickly snapped up.
This surge of buyer demand can be explained in part by a raft of measures set out in March’s Budget, which included a new, wider mortgage guarantee scheme, an extension of the stamp duty land tax reduction from its expected March ending date to September.
Whilst it is expected that demand may taper off slightly once these measures do, the housing market is likely to remain active throughout 2021.