As warmer weather arrives in London, Rightmove’s latest report predicts the strongest ever spring sellers’ market, thanks to a “hat trick” of factors; rising prices, low stock and speedy offers.

The property website’s data reveals the highest March house price increase (1.7%) since 2004, and for any month since June 2014. The pricing level has been created by an ongoing imbalance between supply and demand, with more than twice as many buyers as homes available – the biggest spring mismatch the portal has recorded.

According to Rightmove, almost a quarter (22%) of sales are being agreed within a week of properties coming to market – double the normal figure.

The race for space, seen during the pandemic, is still a factor, with the largest monthly increases among properties with four or more bedrooms. However, the portal also reports that homes for “second-steppers” are the fastest sellers, with more than half (50.3%) finding a buyer in two weeks.

Tim Bannister, Rightmove’s Director of Property Data, said: “All sectors of the market are experiencing very brisk conditions and we expect the strong market to continue until economic forces combine to move the supply and demand balance closer towards equilibrium.”

He added that the current cost of living crisis is likely to have an impact on market conditions, concluding that: “Our forecast is that overall transaction numbers for 2022 will revert back to pre-pandemic levels, as the market returns to a more even balance. Currently, the number of sales being agreed by estate agents is 11% higher compared to the same period in the more normal market in 2019.”

Read more about this story on the Property Reporter website.