Desperate buyers meet asking prices

Properties selling at their asking price hit a 10-year high of 96.2% in March, a Hometrack survey revealed.

Within London the figure is even more startling, as 99% properties met the asking price.

The results stem from a lack of housing supply, as demand grew by 6.6% in March compared to an increase in supply of just 1.9%.

House prices increased across half the country in March for the second month in a row, rising by 0.6%.

The average timespan a house is on the market fell below 8 weeks, the shortest period since 2007.

The report concluded that record low mortgage rates and strong demand from first-time buyers and investors with have no property to sell was the reason for soaring house prices.

Mortgage rates stand at 3%, compared to over 5% before the downturn.