House sellers raised their asking prices by 1.7 per cent last month, but buyers are still thin on the ground, leading to a glut of unsold properties.It was the fourth consecutive month in which new sellers have increased asking prices. The increase means the average property on the market in England and Wales has a price tag of £235,822 - six per cent or £13,400 higher than at the end of last year.
But the leap in prices in March is due to misplaced optimism, as homes are not selling.
The mismatch between supply and demand led to the number of unsold properties on estate agents' books rising at its fastest level since May 2007, to an average of 74 homes per branch.
With interest rate likely to rise, vendors wanting to take advantage of the traditional spring window needed to adopt 'serious sales tactics'.
