According to Rightmove, asking prices for homes in England and Wales rose by +2.4% in May, which is the biggest increase in a month since 2003, after a +1.7% rise in April

However, Rightmove said the rise reflected ‘a mixture of ambition, optimism and necessity’ rather than a return to health for a beleaguered property market, because the pricing was probably not realistic and volumes low.

Rightmove’s asking prices are still -6.2% below its level of May last year, and there is little evidence that the rising asking prices recorded in recent months have translated into higher sale prices in the main mortgage lenders’ surveys.