The average new seller asking price hit a record high of £312,625 this month, according to the latest figures from Rightmove.
This price marked a 3.5% increase from the year prior, and the property group said that these record prices were fuelled by “strong buyer demand and lack of supply”.
The group noted a disparity between supply and demand, as new seller numbers rose by only 1.2%.
According to its figures, the number of sales agreed was also up by 17.8% which is the highest at this time of year since 2016.
It also found that properties were selling an average of 6% faster nationally, and 18% faster than usual in London.
Rightmove, which recorded its five busiest days last month, said it is “hard to predict” how this post-election boost will be affected by coronavirus going forward.
The group said that while last week’s budget focused on the virus, instead of housing and stamp duty reforms, its latest house price statistics “indicate that the market fundamentals remain broadly sound”.
Miles Shipside, Rightmove director and housing market analyst, said: “The average asking prices of over 110,000 properties that have come to market this month are at a record high as we enter the traditionally busy spring moving season.
“Many more properties are being bought, and bought more quickly than at this time last year. This is further fuelling the existing shortage of property available for sale, driving up prices to a new record high.”
He added: “The market has been waiting for several years for a window of certainty, and 2020 seemed set to be the year when many would look to make a move and satisfy their pent-up housing needs.
“However, the current fast pace of the housing market could now be temporarily affected by the spread of the Covid-19 coronavirus. We expect that housing market statistics, like other economic indicators, could be prone to volatility over the spring and summer.”