The market frenzy shows we have entered an unhealthy property bubble The number of properties on the market is half the normal level, while demand is frenzied 21 April 2021 • 6:00am A beach hut in Dorset selling for £325,000, with average prices rising 41pc. A plot of land in Yorkshire going for 20pc more than its £4m asking price. A house in the Dales eventually sold after a bidding war involving 15 offers. These are all signs the property market is overheating, with demand stoked to an unsustainable level. According to estate agency Hamptons, in the first three months of 2021 a third of property sales had multiple bidders. Almost one in five properties had offers from five or more buyers, while 28pc of homes have sold above their asking price so far this year, up from 19pc in 2020. Around one in ten properties sell before even making it to market.