“This presents a challenge for first-time buyers. However, with borrowing rates still at a record low, there still does seem to be high demand from both first-time buyers and buy-to-let investors at present, despite the spike in prices.
“We believe that at some point things will stabilise and prices will cool down, but when that will happen is rather hard to predict, although things do seem to be getting back to some normality now, following the pandemic.”
Mr Anderson revealed the rising demand has put a strain on the cost of building new homes, which is in turn raising the cost of homes.
He told Express.co.uk: “With inflation on the rise and the cost of building materials going up, there is a definite impact on the cost of building new homes, which is driving the prices up on the properties.