According to property firm Assetz, annual residential property price growth averaged out at 11.1% during April 2007, compared with 10.4% in March 2007.

This meant that the typical UK residential property price was £20,000 more expensive in April than April 2006. Assetz said that the asking price index had added much of the buoyancy to the averages due to sellers’ optimism, but the continued imbalance between real estate demand and supply was driving the market forward.

Stuart Law, managing director of Assetz, said: “The continued imbalance between supply and demand has been the driving force behind such positive growth in the UK, and there is little to suggest that this will be corrected any time in the near future.”