Asking prices for UK homes jumped in February, with the largest increase since 2001; the average cost of houses increased to £348,800.
The price of homes coming to the market increased by £7,800 between January and February, reports Rightmove.
The surge in prices for UK homes has been driven by strong buyer demand and a shortage of housing stock.
Rightmove said the 2.3 per cent rise was the largest monthly rise in the 20 years it has kept records. Over the last 12 months, asking prices have risen by 9.5%.
As the number of new property listings increased by 11% over the month, the number of people looking to purchase a property was up by 16%.
The data showed that the average asking price of homes had increased by nearly £40,000 in two years since the pandemic started, compared to just more than £9,000 between 2018 and 2020.
Tim Bannister, Rightmove’s Director of Property Data, said that “high demand and a shortage of available stock” had supported the asking-price rise.
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