Average asking prices rose by 1.4% or £5,312 in the month to April, reaching a record high of £377,182, according to Rightmove.

The portal says the increase is larger than normal for April and comes despite the stamp duty increase and a decade high in the supply for new homes coming onto the market for this time of year.

Asking prices are up by 1.3% and new buyer demand is 5% higher than a year ago.

Rightmove says buyers seem to have adjusted to the stamp duty rise, with the no increase in the number of sales falling through and most of those who missed the deadline still proceeding with their purchases.

However, some sectors of the market are performing better than others. The Midlands and Northern regions all set new records for asking prices this month, but the South East and South West lagged behind.

London hit a new price record, but Rightmove warns this may be short-lived as the capital is more impacted by global economic uncertainty.

Rightmove says it’s too early to tell what the repercussions of trade wars and Trump’s tariffs may be on the UK property market, but they could trigger the Bank of England to cut rates further and faster and prompt lenders to lower mortgage prices.

Rightmove property expert Colleen Babcock says: “We’ve seen our first price record in nearly a year, despite the number of homes for sale being at a decade-high.

“The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient.

“Confidence from new sellers is a good sign for the overall health of the market, but they do need to be careful when setting their asking price.

“The high level of supply in the market right now means that buyers are likely to have plenty of homes in their area to choose from, and an overpriced home will stick out for the wrong reasons.”

Midlands estate agency John German’s director Phill Sandbach says: “March was a very busy month, with more completions than in the post-pandemic stamp duty holiday.

“Solicitors worked really hard to get so many movers through.

“April has started off as a busy month for us, with market appraisal requests, viewings and offers across all of our East and West Midlands offices.

“We haven’t seen a downturn in our activity yet due to the tariff situation, but we do expect some economic headwinds as a result.

“Indications are that with an expected reduction in mortgage rates over the summer we will see a stable market in the first half of the year.

“It remains a constant that correct pricing is absolutely key to a successful sale, anything overpriced will be overlooked by buyers.”