"A 0.8% rise in monthly price rises, whilst slower in pace than in recent months, is still almost 10% annually if such a trend were to continue."
Its data shows that prices are now at a new record high in all countries and regions of Britain.
The number of sales agreed on properties over £500,000 in May was 49% above the same period in 2019, despite buyers knowing they will miss the maximum stamp duty saving that comes to an end in June.
However, Rightmove says high prices, combined with an all-time low in the number of available properties on agents’ books, are "starting to slow the market’s frenetic pace". Sales agreed in May were 17% ahead of same period in 2019, down from 45% in April.
Rightmove added that 'cash-rich relocators' from more expensive areas are also fuelling prices in the UK's fastest-growing regions.
Welsh prices are up by 14.6% since March 2020, with the region also seeing the highest jump in buyer demand, up by 44%.
South West prices are up by 11.4% with properties selling more quickly than ever recorded, resulting in the fewest properties available for sale per estate agent of any region in England – just ten per branch.
Director of Benham and Reeves, Marc von Grundherr, commented: “A 0.8% rise in monthly price rises, whilst slower in pace than in recent months, is still almost 10% annually if such a trend were to continue. That’s colossal growth and even more so at the top end of the market where homes are seeing over 12% rises in value despite the fact they may soon miss out on the maximum stamp duty holiday saving of £15,000. This bodes well and may confound the doomsayers that have been forecasting a cliff edge come the end of June.”
Jeremy Leaf, north London estate agent and former RICS residential chairman, added: "The early signs of some market cooling in the Rightmove survey are not surprising for us. We have certainly noticed a reduction in the pace of new enquiries and an increase in selling instructions over the past few weeks, once it became clear that most transactions had little chance of meeting the stamp duty deadline.
"As a result, we are seeing more balance between supply and demand which is prompting a softening but no correction in prices so far."
