Cash-rich relocators from more expensive areas are contribution towards significant price growth across a number of fast-growing regions, including the South West.

The latest data from Rightmove shows that the South West has seen asking prices increase up by 11.4% over the past 12 months with properties selling more quickly than ever recorded.

In fact, according to the property portal, the South West now has the fewest properties available for sale per estate agent of any region in England – just ten per agent branch.

Nick Leeming, chairman of Jackson-Stops, said: “Despite the fact that the first stamp duty deadline is just weeks away, our branches are as busy now as at any point I can remember.”

Leeming believes that “lifestyle re-evaluations” have taken firm root which will lead to sustained demand, especially for rural and suburban locations.

He continued: “We’re still seeing people head to countryside hotspots in their droves, pushing up prices in these areas to new highs.

“There were 18 buyers chasing every listing across our branches in the South West last month as towns and villages which were once out of reach to five-day-a-week commuters, now present realistic options for hybrid or remote workers.”

Leeming reports that London’s prime commuter belt towns continue to perform extremely well price wise, including Sevenoaks, Reigate, Dorking and Cranbrook, as many buyers continue to seek opportunities for more spacious accommodation and a larger slice of outdoor space.

But while buyers remain active, the availability of stock on the market has continued to contract.

He added: “With demand strong and pricing high, now is the time for vendors to capitalise on these favourable market conditions, especially during these peak summer months when properties look their best and while many buyers will be looking to secure a move in time for the new school term in September.”