House prices have been rising non-stop, with the average home now costing over £25,000 more than it did last year, but are these increases ending? We take a look.

The competitive market amplified by the pandemic and the stamp duty holiday has seen prices skyrocket – Halifax has reported a jump in prices of over £47,000 in the past two years – but increases have begun to slow, with more potential buyers coming back to the market.

According to Propertymark, March saw 84 new potential buyers register with agents throughout the country, and with 84% of all sold properties went for an amount equal to or above their valuation.

Sellers receiving attractive offers has always been certain because of the imbalance between them and the number of buyers in the market. Despite more sellers listing properties than previously in the year, the average number of days taken for a property to sell has only dropped from 33 to 30.

Although sellers are coming to the market, because demand is simply not letting up, it is unlikely that prices will drop this year. Some bodies have already suggested that increases of 3.5% are to be expected this year, with a potential of 3% more in 2023, but experts are also claiming that prices will increase by 2% at most. Looking back at the average monthly increase so far this year of around 1%, there is reason to believe in the projected lower rises.

For those looking become first-time buyers, now may be as good a time as any to get onto the market. Millions across the country have already been priced out of buying and forced to either move back home or continue renting to save so, if you can afford to buy, you should take the opportunity with both hands before more price increases arrive – which is happening every month.

Competitive mortgage deals remain available, but demand means only fast-acting buyers will land the property they want. Interest rates will be a key player in deciding when is the best time for you to buy, with the vast majority of first-time buyers waiting until the rates drop.

If you’re already on the property ladder, waiting could also be worthwhile for you so you can capitalise on the biggest gap between your selling and buying prices, but beware of your chain.

Looking to move? Want to know how much your house is worth? Use our online property valuation tool today!