House prices in the UK reach record highs as ‘buyers outstrip sellers’

House prices across the UK have increased to record highs as sellers can expect ‘best ever spring market’. According to Rightmove's House Price Index, the average price of a property coming onto the market has broken the £350,000 barrier for the first time.

The national average price for a property on the market has reached £354,564, which has pushed the annual rate of increase to 10.4 per cent. An imbalance between buying demand and the number of properties for sale is one of the key factors causing the price surge, Rightmove has said.

There are more than twice as many buyers as sellers, with the chances of sellers finding a buyer in the first week at its highest ever. Nationally it took on average 36 days to secure a buyer in February 2022, down from 60 days in February last year.

READ MORE: Five millionaire mansions for sale in Greater Manchester with swimming pools, huge bedrooms and beautiful gardens

Average house prices in the North West have increased by 1.3 per cent on the month to £239,312, with a yearly increase of 11.7 per cent. On average it takes around 36 to sell a property in the region.

In comparison, London’s average house prices decreased by 0.4 per cent on the month to £664,400, a yearly change of 6.3 per cent. Houses in the capital take on average 57 days to sell.

But it’s not yet known how the longer term economic impact of the war in Ukraine will affect the property market. Agents also expect the market to balance out in the second half of the year, although demand is expected to still outstrip supply.

Tim Bannister, Rightmove’s Director of Property Data comments: “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