The latest figures show that house prices are still on the up – with nearly 10% more sales going through than last year.

The average UK house price is still climbing because there are more buyers looking to move than there are houses for sale. This means buyers are often finding themselves competing with others to secure their dream home.

Propertymark, the estate agents’ body, says the number of people registering to buy a property has stayed the same. However, there are now fewer homes on the market for each buyer – meaning that competition for each property is hotting up.

And with more buyers than homes, sellers are finding they have the upper hand with more viewings and offers on their properties.

Here are the key figures for August:

• Sales up 10%: The number of homes sold in August was almost 10% higher than August last year.
• More buyers than homes: The average estate agency branch has 71 registered buyers but only 48 properties for sale.
• More viewings: Properties are being viewed by an average of 3.8 potential buyers.

Renters feeling the pinch

It’s not just buyers who are facing a tough time. Renters are also finding it hard to find somewhere to live, with fierce competition for properties.

On average there are 10 applicants for every rental property. And with fewer properties available, landlords are in a strong position, with many putting rents up.

What does this mean for the future?

Experts are saying that the lack of homes for sale and rent is a long-term problem. Nathan Emerson, from Propertymark, says the government needs to build more new homes to meet demand.

He also highlights that with a new government in place there are going to be a lot of changes affecting both buyers and renters over the next few years.