Latest data released by Home.co.uk has indicated that there was a surge in buying activity across the country in the last month.
The price of property increased by 0.9% nationally in February, with annual rises currently standing at 7.9%.
Short stock
Rising prices are being driven by a very low property stock, with the number of properties coming on to the market down by 4% in comparison to one year ago. In the West Midlands, 12% less fresh stock made it onto estate agents’ books in the last month, again in comparison to February 2015.
In addition, the South West is also showing shortages in supply, with 8% less stock registered than in January.
February saw surge in buying in England and Wales
Prices were up in the North and in Wales during February, but marketing times continued to be high in both regions. In contrast, strong competition between buyers has pushed the typical time on market in the South East and East of England down to 47and 49 days respectively.
The current 7.9% increase in prices in comparison to March 2015 is expected to grow, with supply of housing worsening in many UK regions.
Snapping up
Further figures from the report shows that the East of England, London and the South East saw massive drops in marketing times, with buy-to-let investors looking to snap up homes before the stamp duty increases come into play.
Typical time of properties on the market dropped to 102 days across England and Wales, 17 days less than March 2015. However, the average annual home price appreciation in the two countries dropped slightly to 7.9%.