The monthly rise is the biggest seen at this time of year since March 2004, pushing the annual increase to 10.4%.
In Yorkshire and the Humber average asking prices rose by 1.2% in the past month and although this is below the national average, the region has outperformed the national market over the last 12 months, with growth of 12.4%.
Nationally, homes in the most expensive sector of the market, with four bedrooms or more, saw a 3.8% (+£23,619) monthly price surge on average, which is encouraging new sellers to come to market, with 12% more new listings in this sector than at this time last year.
However, according to Rightmove, there are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand ever recorded at this time of year. The speed of the market is further demonstrated by 22% of deals being agreed on Rightmove within the first week of being marketed.
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “Rightmove’s latest data demonstrates how vendors that arm themselves with good advice and a considered asking price, currently have a great opportunity to secure a sale and put themselves in a strong position when it comes to finding their next purchase.
“Stock levels are going up, and not before time, but there is still an acute shortage in some areas. We recently booked 20 viewings in a single day on a £750k four bed house, and a £1.25million semi-detached property had 16 viewings in its first week for sale.
“Buyers do expect more choice and with a subtle change in the mood of the market, they are being a bit choosier, but in many cases will have to compromise somewhere. It’s important to remember a property purchase is for a long period of time, and something that looks expensive, can seem very reasonable after 12 months ownership. I believe that prices will keep increasing, although at a more gentle rate in the final half of the year.”
Tim Bannister, Rightmove’s director of property data, commented: “There’s a hat-trick of reasons for home-owners to follow the normal trend and make it their goal to sell this spring. Firstly, the potential to achieve a record price for their property. Secondly, the imbalance between high buyer demand compared to low available property supply is the greatest that we have ever seen for the start of a spring market, meaning that the chance of being able to pick and choose between several suitable buyers is strong. Thirdly, the proportion of properties finding a buyer within the first week is also at an all-time high for this time of year, so sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm.
“Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last. Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers.
“Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell, and agents report that these ‘power buyers’ are more likely to get the property that they want and negotiate the best deal on price.”
