The property market for sellers is at its strongest for a decade with buyers piling in at a record pace, a survey shows.
Prices are expected to rise sharply in the coming year after the government extended the stamp duty cut and announced mortgage guarantees for first-time buyers. This is driving a surge in inquiries from potential buyers, creating the greatest imbalance between supply and demand for ten years despite the number of new listings also rising, according to property website Rightmove. It said the average price of properties coming to market rose by £2,484, or 0.8 per cent, to £321,064 this month. The number of inquiries per home rose by 34 per cent in the year to March.
Source: The Times (accessed 15-03-12)