But what’s driving this situation? The leading cause appears to be a general lack of supply. From delays brought about by the pandemic to a chronic shortage of new homes across the UK, the supply-demand ratio is proving difficult to balance.  

Low-interest rates and rising inflation also mean that buyers hope to reduce their potential mortgage debt. This combination of factors has contributed to UK house prices increasing by 9.8% between March 2021 and 2022 – adding £24,000 to the average value.** 

However, with society in the grip of the cost-of-living crisis and the government announcing measures to tackle inflation, the long-term picture is uncertain. Currently, the market is strong – and will probably remain so for some months. 

Do you know how much your home is worth right now? If you’re thinking of selling, contact us to book a valuation with us today.  

*Data based on a recent market analysis by Home.co.uk. 

**UK House Price Index: March 2022.