The housing market is being pushed and pulled from many directions and where it will end up shifting to is unknown. Some are fearful of another bubble forming in the market while others are confident it will naturally adjust. There is concern that house prices will cause first time buyers to be totally shut out and the property ladder will deep-freeze down the road.

A precursor to what the market may be facing can be found in current asking prices. According to data from the online property lister Rightmove, sellers’ properties hit record asking price highs in the month to early April for England and Wales, while the number of properties declined that were available for purchase.

House price growth was rapid last year and the expectation was that it would steady throughout 2015 and see an eventual gain of 3% to 5% for the UK. Predictions for the market have changed with the first quarter of the year showing signs of what is due to occur. Should the market see boosts, especially after the election, mortgage lending demand will increase and that will mean the current competitive lending market will shift. Borrowers will no longer be scarce seeking mortgages and remortgages and lenders will pull their cheapest interest rates from offers.

Rightmove reported the new record average asking price had reached £286,133 after sellers increased the average monthly asking price by 1.6% after a previous increase of 1.0% in March. As an indication of how this compares, the rapid house price growth in the market last year followed an increase in the asking prices when in June last year the previous record had been recorded.

The number of properties reported for sale was 4% less than the same time period last year. The decline in the properties listed is pushing demand higher and asking prices will continue to reflect the lack of options for buyers in the market. Rightmove reported that interest in properties had increased as visitors to their site in March had grown 20% to a record high.

Miles Shipside, Rightmove director, said, “Hesitation to sell and the use of property as a long-term investment are factors in this month's new price record. As we approach the election, the highest-ever cost of housing sets an interesting challenge for political leaders.”