LONDON, (Reuters) – The asking prices of British properties rose the most annually in six years, in early 2022 according to a survey. This was due to a shortage of homes for sale.

Rightmove (OTC) reported Monday that property site Rightmove saw an average increase in the price of properties for sale by 0.3% in January. That brings the annual growth rate to 7.6% since May 2016, the highest ever.

Rightmove reported that although the amount of home buyers was up 15% compared to last year, the actual number of homes available for sale by estate agencies branches fell to an all-time low of 12, Rightmove stated.

As the 2022 first week was busiest for those asking agents for their home valuations, there were indications that more homes would hit the market.

After the removal of the coronavirus lockdown, Britain’s housing market boomed. This was due to a tax cut offered by Rishi Sunak (now expired) and longer-lasting demands for larger properties by people who work from home.

Rightmove director of property data Tim Bannister said that asking prices are within 1% last October’s record-breaking high, and the highest recorded values for properties typically desired by first-time home buyers.

Bannister explained that all signs point to an increase in prices until more options are available.