Property prices increased again this month, with sellers asking for up to an extra £8,000 on top of the asking price.
Restriction lifts post-pandemic saw a surge in demand for property in the UK, with buyer demand up 16%, when compared to figures from this time last year.
According to data released by the estate agency Savills, the average house price grew more compared to the average salary earned by a worker in the UK, approximating a massive £27,000 increase.
Alongside more expensive mortgage rates announced for the third time in a row by the Bank of England, households are under significant stress as they are faced with the greatest financial pressure in generations as the cost of living continues to rise.
Tim Bannister, of Rightmove, said: “A fear of missing out is really driving market behaviour at the moment, as movers look to do all they can to avoid the disappointment of being too slow to secure their ideal property.
“The fast-moving market has really hit home for sellers too this month, with a number of those who are also buyers putting themselves in the best position to secure their dream home by getting their own home on the market first.
“This in turn is driving a rise in new listings compared to last year, giving the existing pool of buyers some fresh choice.”
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