Rise in housing market asking prices

Property website Rightmove says the average price of a UK property rose to £235,512 between March 7 and April 10 in a marked improvement of the 0.1% lift seen the month before.

The number of new properties coming on to the market also rose sharply, with buyers enjoying the greatest choice since October last year following months of a supply shortage.

And the Government's new stamp duty fillip for first-time buyers - introduced last month for all properties under £250,000 - provided a boost, as Rightmove noted a 35% hike in the number of property pages viewed over Easter.

The news comes after last week's survey data from the Royal Institution of Chartered Surveyors (RICS) showed selling activity soared to its highest level since May 2007 in March.

But Rightmove warns the potential for over-supply could see prices come under pressure later in the year.

Miles Shipside, commercial director of Rightmove, says: "With weather disruptions out of the way, more sellers are coming to market and they appear to be ignoring the uncertainties facing potential buyers.

"Prices are up, but so is choice, and the two are not happy bedfellows in the longer term.

"This year more than ever, the traditional spring seller window is a price-sensitive one. If asking prices continue to rise, all but the most popular locations are building themselves up for some of the gains to be lost later in the year."

Further reading/Key links

Valuation loophole: Free House Price Info Cheap home loan debt: Cheap Mortgage Finding Latest house prices: Nationwide, Land Registry, Halifax