Predictions of a slowdown in the UK property market in 2022 are already ringing hollow, according to Home.co.uk’s Asking Price Index for March.

The property website’s research has found that the market has accelerated to a blistering pace and prices are soaring. The total stock of property for sale is up slightly but remains very low at about half that seen in 2019. So far, the 2022 UK property market is shaping up like a replay of 2021, it added.

The company reported: ‘Despite mortgage interest rates nudging up, demand continues to overwhelm supply and thereby drive asking prices through the roof. While spring normally triggers modest price rises, February’s extraordinary increase of 1.1% overall is testament to this state of affairs and some regions show hikes approaching double this figure. In fact, prices have risen in every English region, Scotland and Wales during the last month. The smallest was in Greater London (0.5%, which is still on the large side for a month-on-month rise), and this sales market is still in recovery mode following the damage inflicted by the lockdowns.’

The Typical Time on Market for unsold property in England and Wales has been driven down to a mere 70 days, a level not seen since the heady days of 2008 prior to the financial crisis, according to the Index.