The number of potential buyers enquiring about each available property has seen an annual rise of 34% to reach a new record high, according to the latest Rightmove house price index.
Rightmove says that the ‘greatest excess of demand over supply over the past ten years’ has pushed up the average price of property coming to market by 0.8% in the past month.
The start of the traditional spring selling period saw the number of sales agreed for the first week in March up by 12% year-on-year, despite a shortage of available stock. Rightmove also reported a daily average of over 7m visits to its site in February, 40% up on February 2020.
Jeremy Leaf, a London estate agent and former RICS residential chairman, reportedly said of the figures: “The latest Rightmove numbers reflect what we've seen on the ground over the past few weeks – release of more pent-up demand after a post-Christmas pause. The government’s well-trailed Budget announcements extending the stamp duty holiday and furlough scheme, as well as introducing a guarantee for high loan-to-value mortgages has reduced uncertainty and boosted confidence.”