House prices have soared by £7,000 in a month as the market bursts back into life.
The £6,923 jump in the past four weeks is confirmation that Britain is enjoying a housing boom.
The £1,750 weekly uplift puts the price of a typical three-bedroom semi at £252,418, according to analysts Rightmove.
The biggest leap was recorded in London where new sellers added an extra £50,484 to their average asking prices this month. Experts said the rise was being driven by renewed interest from buyers following the introduction of the Government’s Help To Buy mortgage scheme.
Fears of a housing bubble were also eased as the number of new sellers coming to market was up eight per cent – although shortages were driving up prices in some regions.
Average house prices are now higher than the previous peak seen in January 2008, according to the Office for National Statistics which also revealed first-time buyer house price inflation is just under five per cent.
Miles Shipside, Rightmove director and housing market analyst, said: “Some agents currently report that there is a buying frenzy in parts of the UK with available stock so low that their shelves are now bare.”
The Rightmove research to mid-October showed that across England and Wales asking prices rose by 2.8 per cent month-on-month, following two months of falls, to reach £252,418 on average.
Prices across the country are 3.8 per cent higher than they were a year ago.