‘Now is the ideal time to sell your house’

The news comes as recent residential market surveys revealed that house price growth increased again last month.

House prices jumped by 0.4 per cent month-on-month in July, pushing the average property value to a new all-time high of £195,621, Nationwide Building Society has reported.

Across the UK, house prices have increased by 3.5 per cent over the last year. The average price of a home is now a new all-time high of £195,000.

In the North West, which traditionally lags behind th south east, it is around £177,000.

Royal Institute of Chartered Surveyors North West spokesman, John Halman of Gascoigne Halman estate agents said: “July and August are often regarded as the ‘holiday season’ as there is a lull in activity due to the short supply of quality homes coming on to the market.

“Sellers should take full advantage of the fewer instructions coming to the market and the rising house prices – they may be pleasantly surprised at the response they get”.

The annual pace of price growth is now around one third of what it was a year ago.

For much of summer 2014, annual house price growth was in double digits, with a 10.6 per cent annual increase recorded in July 2014.

Robert Gardner, Nationwide’s chief economist, said there were “tentative signs” that annual house price growth was falling closer into line with the pace of earnings growth, which historically has been around four per cent.

The average property in England and Wales is thought to be worth in excess of £9,000 more than it was a year ago.

Kevin Shaw, national sales director at Leaders, says the sharp rise in house prices is evidence of overwhelming demand from buyers and a healthy market.

“With the market made up of a higher number of buyers than sellers right now, it is a lucrative time to put a property on the market and sellers can feel extremely confident about getting the best possible price for their home.”

Across England and Wales, house prices grew by 5.4 per cent in the year to June.