A new analysis has outlined how difficult it has become to buy a house in the UK and especially in England, where the average increase in house prices last year outstripped the total average wage in 40% of the country.

While buyer demand remains strong, the availability of housing is down more than 26% compared to last year’s average – leaving prospective buyers battling it out for the most in-demand properties. Total listings are also 33% lower than they were this time in 2018 and 2019, and 1 in 20 UK homes have changed hands over the past year, according to iPlace Global, creators of moveable.uk.

The research also discovered that 12% (1.9m) of Brits rushed their property transaction through due to the stamp duty holiday and 11% (2.4m) overpaid by thousands during a house move due to having to rush through or not understanding the process.

Simon Bath, CEO of iPlace Global, commented: “So many people have paid over the odds on property this year, and even on moving home. It is hard enough to get on the property ladder or afford an upgrade at the moment, even without overpaying on the move itself.”