Buyer demand rises 34% to record high: Rightmove

Rightmove says that the "greatest excess of demand over supply over the past ten years" has pushed up the average price of property coming to market by 0.8% this month.

The start of the traditional spring selling period saw the number of sales agreed for the first week in March up by 12% year-on-year, despite a shortage of available stock.

Rightmove also reported a daily average of over seven million visits to its site in February, 40% up on February 2020.

Tomer Aboody, director of MT Finance, commented: "The extension of the stamp duty holiday has further boosted confidence, which was already high, in the housing market.

"Buyer demand has dramatically increased over the past year due to the requirement for more space. Many Londoners have been looking for much larger pastures new, heading to the traditional commuter belts of Surrey, Hampshire, Sussex and Berkshire, and even further afield such as Norfolk. More space - both inside and out - combined with better of quality of life for the children is more than ever the number one priority for families. With lower-priced properties outside the capital, combined with low interest rates for those requiring mortgages, it is a win-win scenario.

"Demand is such that more stock is definitely needed, however. Hopefully the spring and summer sunshine will bring more properties to market, with many buyers waiting to pounce.

"While we are living in such a low interest-rate environment, the market should remain bullish for a while."

Jeremy Leaf, north London estate agent and former RICS residential chairman, added: "The latest Rightmove numbers reflect what we've seen on the ground over the past few weeks – release of more pent-up demand after a post-Christmas pause.

"The government's well-trailed Budget announcements extending the stamp duty holiday and furlough scheme, as well as introducing a guarantee for high loan-to-value mortgages has reduced uncertainty and boosted confidence.

"The easing of lockdown restrictions and accelerated rollout of the vaccine is also persuading more homeowners to make properties available for sale for the traditionally busier spring market, which will bring more balance and help to keep prices in check."