The common worth of a house hit a file excessive this month after hovering by £6,647 month-on-month, in response to the property web site Rightmove.

Across Britain, the common asking worth for a house coming to market is now £372,894, it mentioned because it revealed that the 1.8% month-on-month improve was the largest of the 12 months to date. However, the present “hyper-local” market continues to be price-sensitive and purchaser affordability stays stretched, it added.

Tim Bannister, Rightmove’s director of property science, mentioned: “This month’s strong jump in new seller asking prices looks like a belated reaction and a sign of increasing confidence from sellers, as we’d usually see such a big monthly increase earlier in the spring season. One reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely.

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“What is much more likely is that the market will continue to transition to a more normal activity level this year following the exceptional activity of the pandemic years. Steadying mortgage rates and a generally more positive outlook for the economy are also contributing to more seller confidence, though there are likely to be more twists and turns to come.

“The market is still very price sensitive and it is important that new sellers do not damage their prospects of a sale by overpricing initially and reducing later, with agents reporting that it’s the realistically priced new instructions that are selling best.”

The common low cost from the ultimate asking worth to the agreed sale worth has steadied at a mean of three.1%, in step with pre-pandemic market ranges.

The variety of patrons making inquiries to property brokers about houses on the market is now 3% increased than at the moment in 2019, led by patrons taking their first or second step on the property ladder.

However, there are indicators of some over-optimism within the “top of the ladder” property sector.

While bigger properties are nonetheless promoting sooner sometimes than in 2019, it's now taking a mean of 67 days to agree a sale, practically double the 35-day common at the moment final 12 months. Mr Bannister added: “This month’s record price is a strong indication of sellers’ confidence, and we can see from activity levels and the still relatively limited choice of property for sale that this confidence is justified in some segments of the market.

“More discretionary sellers at the top end may be prepared to price high and wait for the right buyer, and whilst it is positive that they appear to feel no financial pressure to sell, the data suggests that some sellers in this sector will need to price more competitively if they want to find a buyer in the current market.”