He said: “Like many, our biggest challenge is a lack of stock. As soon as anything new comes onto the market, it is flying off the shelf, with multiple buyers competing for the final sale. 

“With so many potential buyers, many properties at the moment are selling above asking price, which can make
 valuing a property accurately a challenge as we don’t want to give unrealistic expectations.”

Households are facing the biggest squeeze on their finances in a generation and this, alongside more expensive mortgage rates, was expected to dampen buyer demand and limit house price growth. The Bank of England is set to increase interest rates for the third time in a row next month in a bid to curb rampant inflation. 

Early indicators suggest the acute shortage of homes for sale could also be about to ease, which could also put the brakes on price growth. The number of sellers listing their homes on the market and the volume of people requesting a valuation from an estate agent both rose by 11pc in February, compared with the same month last year. 

Tim Bannister, of Rightmove, said: “A fear of missing out is really driving market behaviour at the moment, as movers look to do all they can to avoid the disappointment of being too slow to secure their ideal property. 

“The fast-moving market has really hit home for sellers too this month, with a number of those who are also buyers putting themselves in the best position to secure their dream home by getting their own home on the market first. 

“This in turn is driving a rise in new listings compared to last year, giving the existing pool of buyers some fresh choice.”