House prices in the east of England are rising faster than anywhere else in the UK.

Search engine Home says that the region’s average asking price has risen twice as fast as the rest of the country over the last 12 months.

From June 2015 to June this year, prices in the east of England increased by 13.9%, compared with an England and Wales average rise of 6.8% and a rise of 6.7% in Scotland over the same period.

This far outstrips Greater London’s 7.0% year-on-year rise and the south-east’s increase of 7.8%.

Asking price figures for May and June 2016 provide further evidence of how the region has become the UK’s hottest market.

Over this period, its average asking price rose by 1.6%, while London’s fell by 0.4% and prices in the south east only rose by 0.2%. Across England and Wales the latest monthly rise was 0.4%.

Properties are also selling faster in the east than in any other region. Typical time on the market is currently 54 days, compared with an average of 80 days across England and Wales and 62 days in London.

Lack of supply is a key factor in these regional variations in asking price. There was an 8% fall in supply of property in the east of England between May 2015 and May this year.

Over the same period, the UK-wide fall in supply was 7%. In contrast, between May 2015 and May 2016, the supply of property rose in Greater London (by 2%) and in the south east (by 1%).

Home director Doug Shephard said: “A cooling London market has changed the dynamic of the UK property market and is now less of a focus for property investors. The new regional champion is by far the east of England where terrific price rises look set to rival even London in its heyday.

“But investors should be aware: if prices rise too far and too fast, a severe correction becomes a significant risk in the region.”