PROPERTY prices in Hillingdon shot up by 2.1 per cent in the past four weeks, according to the Rightmove index.

The average property on the market in the borough costs £325,459, up 13.1 per cent on this time last year when the average was £287,665.

Another survey reported last week that house prices across the UK have been rising at the rate of £50 a day while Hamptons International reported there are eight buyers for every seller.

Julian de La Poer Beresford, Hamptons director for the south east, said there has been a 38 per cent increase in the number of applicants on the agency's books in London compared with last year while the stock of available properties is down by 50 per cent.

Rightmove commercial director Miles Shipside believes a surge of property could come on the market in April and May as vendors get moving to beat the deadline for the introduction of the mandatory Home Information Pack on June 1.

All sides of the industry welcomed the Bank of England's decision not to put up interest rates last week, which would have been the fourth hike since last August.

Assetz managing director Stuart Law observes: "While homeowners are benefiting from gaining over £50 a day on the value of their home, most first time buyers in the south east now have little choice but to buy in groups or with help from their parents or otherwise benefit landlords by remaining as renters."