The asking prices for residential properties in England increased by 2 per cent annually in England, as the market surges ahead, according to the latest Asking Price Index, released by home.co.uk, the UK’s leading property market indicator.

The post-lockdown restart of the property market is proceeding with considerable aplomb. Home sellers continue to reboot the supply side with very confident pricing. Overall, the number of new instructions in the UK during June was just 9 per cent less than the figure for June 2019. Greater London vendors added 4 per cent more stock than a year ago.

“This month’s hike in the national average price of 1.5 per cent is the largest monthly rise since February 2014, such is the current bullishness of sellers who will no doubt be further encouraged by the Stamp Duty holiday,” the report added.

Vendors’ upward pricing indicates heightened confidence despite lending restrictions in the first-time buyer mortgage market and rising unemployment.

The supply rate of new instructions has completely recovered in London, at +4 per cent year-on-year. The best-performing regions are the North West and Yorkshire (5.1 per cent and 5.5 per cent respectively), both showing year-on-year price growth comfortably surpassing that of monetary inflation.

The Home.co.uk Asking Price Index is calculated every month using around 500,000 UK house prices found in the Home.co.uk Property Search Index. This figure represents the majority of the property for sale on the open market in the UK at any given time.