Average asking prices jumped by 2.1% in the month to April and by 5.1% year on year to reach a record £327,797, according to the latest index from Rightmove.

The increase of £8,733 was only the second time in five years that prices have jumped by more than 2% in a month.

Properties are selling at their fastest rate on record, with the average time from listing to an offer being agreed reducing to just 45 days in April.

Almost one in four properties that had a sale agreed in March had been on the market for less than a week, which is the highest rate ever recorded.

The number of sales agreed was 55% higher than two years ago, while this time a year ago the market was in lockdown.

The stock of properties available shrunk to the lowest level recorded and demand continues to exceed supply, with two and three-bedroom homes selling fastest.

Rightmove director of property data Tim Bannister says: “It’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.

“The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high. 

“The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95% mortgages and a shortage of suitable property to buy. 

“There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. 

“It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster than ever previously recorded, it seems that those buyers are not deterred.

“Housing market activity remains high in Scotland where there has been no extension to the land and buildings transaction tax holiday which has now come to an end, which suggests that the same could happen when the tax holidays start to come to an end in England and Wales from the end of June.”

Cheffins director Richard Freshwater says: “This is the biggest lack of stock we’ve seen on the market for at least the past 20 years. 

“Demand is huge, created by a perfect storm of low interest rates, the stamp duty holiday and changes in people’s working patterns. 

“The dreary five day a week commute for many is now over, and this has led to areas outside of London becoming some of the most in demand. 

“On average, every house we put on the market at the moment sees over 40 requests for viewings, all from buyers who are in the position to move. “The amazing thing as well is that this level of interest is throughout the market at all price levels, with demand for large country homes at the same rate as the more affordable, smaller city-based options. 

“As competition is fierce, sealed bids have become the order of the day, with over 25 per cent of sales since February conducted by Cheffins ending up in a best and final offers situation.”

He adds: “Many sellers are currently holding fire on putting their houses on the market until they have had their second Covid vaccination, and with this in mind, once the vaccine roll out gets into its later stages I would expect to see a good number of properties hit the market as people look to get on with selling.”

North London estate agent and former Royal Institution of Chartered Surveyors (Rics) residential chairman Jeremy Leaf says: “The increase we have seen recently in the number of buyer enquiries, sales agreed and transactions, has persuaded many sellers to raise asking prices, particularly while stock has remained low. 

“The faster rollout, especially of second doses of the vaccine, is prompting more appraisals and listings but not at quite a fast-enough pace yet to bring more market balance and keep a lid on prices.

“We have noticed from connected chains that demand seems to be even stronger in many places outside the capital as so many have brought forward home-buying decisions to live in greener settings.

“We expect momentum to ease once stamp duty relief is tapered from the end of June, although the availability and low cost of credit, as well as the government’s new mortgage guarantee scheme, are likely to result in a price softening rather than a correction.”

Rental platform Canopy’s chief executive Tahir Farooqui says: “Another rise in house prices will be a kick in the teeth to hopeful first-time buyers, further widening the gap between them and their first home. 

“The stamp duty holiday has no doubt stimulated the surge of activity in the market, but we do need to question whether it has helped the right people. “For those looking to enter the market a stamp duty holiday doesn’t take away from the fact that house prices are just too high and securing an affordable mortgage is near impossible.”