The latest data from Rightmove has shown that a “substantial” 1.5% rise this month has pushed average house prices to new record levels

Key analysis findings

• price increase has been caused by a strong demand from home movers recorded in January and February.
• There has been a fall in the number of sellers coming to market, increasing the imbalance between demand and supply in some area which is an influencing factor of the increase
• The 1.5% increase is the largest seen at this time of year since 2007
• The average price of newly-marketed property has hit all-time highs in both the East and West Midlands, and also in Wales and the North West.

Miles Shipside, Rightmove director and housing market analyst, commented: “Many buyers entering the traditionally busy spring market this year face paying more than ever for their target property, and having a more limited choice.

The first two months of 2018 saw Rightmove traffic at its highest ever levels, and this demand appears to be now feeding through to fuel the substantial £4,503 jump in average new seller asking prices this month.”