Asking prices increase again

Those considering whether to move or improve may be interested to hear the average asking price of a home rose between April and May.

According to the latest Rightmove House Price Index, the average seller is now looking for £227,441 for their home - up from £222,077 in April.

It represents a 2.4 per cent increase - the fourth consecutive monthly rise.

The firm believes the change is a result of a mixture of "ambition, optimism and necessity".

However, Rightmove commercial director Miles Shipside said the supply side of the market is set to be "compromised" for the next few years.

It means those wanting to take advantage of the spring selling season to trade up "will be victims of equity immobility", he predicted.

"The choice of when and how to move is now out of their hands," Mr Shipside explained.

Meanwhile, the Council of Mortgage Lenders recently revealed 31,000 home loans were taken out in March - a 29 per cent increase over February's figures.