Asking prices for homes in the region increased by 1.4% over the past month - although there are signs the "frenetic" market is starting to ease, housing experts have said.

Data from Rightmove revealed house prices in the east of England have increased 10.8% year-on-year, with a property taking 31 days to sell on average.

Nationally, average asking prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the coronavirus pandemic.

Rightmove said the figures display how the frenzied market activity has led to two-year price growth in cash terms "never before witnessed" in more than 20 years of tracking prices.

Experts in Suffolk and Essex said there is a feeling that the market is beginning to cool, with the cost-of-living crisis and interest rate rises "bringing caution".

Katy Stephenson, part of the residential sales team at Savills Suffolk, said: “The momentum for moving throughout the pandemic – born from a desire for more space, and spurred on by the government’s stamp duty holiday – resulted in a mini-house price boom across the region.

"Over the last two years or so demand has consistently outweighed supply and this has led to a rise in prices. That impetus has continued into this year.

"It’s not quite as strong as we’ve seen, but it remains healthy and we are still expecting to see a steady level of activity as we head into the summer. However, there’s a sense that the market is starting to cool.”

East Anglian Daily Times: Karl Manning, head of residential at Savills Chelmsford, which covers TendringKarl Manning, head of residential at Savills Chelmsford, which covers Tendring (Image: Richard Marsham)

Karl Manning, head of residential sales at Savills in Essex, said while he wasn't expecting prices to fall, price growth is expected to slow.

“Demand for homes in well-connected locations, close to lots of amenities and with access to green space continues to be strong. However, the four successive interest rate rises and the increasing cost of living are likely to bring more caution over the coming months," he said.

"We’re not expecting prices to fall, but we do think the rate of price growth will progressively slow, potentially to low single-digit figures in coming years, which will come as welcome relief to many who are looking to make their next move.”