Asking prices rose by 1.0% in March to £281,752 – just behind the record set in June last year.
In the North West, the average price now stands at £172,196 – up by 1.8% on since February and 3.0% higher than March 2014.
These changes are somewhat low for the annual “Spring Rush” which is possibly influenced by the market uncertainty attributed to the upcoming General Election.
Looking forward, prices are likely to continue to rise as April’s pension reforms take effect. According to Rightmove, agents across the country are reporting a flurry of interest from savers looking to cash in their pension pot to invest in buy-to-let property.
The supply of properties suitable for first-time buyers and investors is still limited, only increasing by 2.6% in March, which is likely to push prices higher as both groups of buyers fight for the same homes.