The housing market across the country shows little or no sign of cooling despite the end of the main stamp duty holiday period.
The latest house price index from property website Home shows houses and apartments for sale spending even less time on the market and prices continue their upward march overall, despite a lacklustre London market.
The total stock of property for sale continues to dwindle and the supply of property entering the market remains extremely low outside of London.
London sales stock and supply remain relatively high but this may not be the case for much longer.
Home says the London sales market was primed for recovery at the beginning of the Covid outbreak after several years of stagnation, and the website says: “It is therefore arguable that a return to the growth part of the property cycle is now well overdue and rapidly rising rents (amid highly favourable lending conditions) looks to be the green light that the market has been waiting for.”
Outside of London, scarcity continues to push up prices.
The number of sales properties entering the market remains remarkably low compared to pre-Covid levels - down 32 per cent last month when compared with June 2019.
A likely factor inducing this reticence to sell is the vibrant lettings market that is exhibiting an unprecedented demand for properties to let, says the site, while another important factor reducing the supply may be mortgage debt forbearance.
Some 2.9m deferred payment schemes, under guidance from the Financial Conduct Authority, were taken up by borrowers in the year to March 31.
The East Midlands and East of England continue to lead in terms of regional price growth. Annualised home price inflation is just above 11.0 per cent in both these regions.