The UK’s largest property portal reported that average house prices have risen by 4.8% in the past year across England and Wales, and has doubled its forecast for the next 12 months from 2% growth to 4%.

Rightmove attributed the increase in property values to greater mortgage accessibility at lower interest rates, thanks to the government’s Funding for Lending and Help to Buy schemes.

It said the “positive borrowing window” enabled more people to compete for fewer homes.

However, the firm warned that surveyors were struggling to cope with increasing market activity, and builders were under intense pressure.

Rightmove director Miles Shipside said:

“The ability to borrow is increasing as the Funding for Lending Scheme starts to really deliver, though it still favours those with better deposits. Lenders are squeezing their margins and, with the prospect of no base rate rise for three years, consumers are increasingly aware of moving options rather than debt burden.

“The Help to Buy scheme, the centrepiece of the last Budget, has already created a marked upturn in the new-build market as recently reported in some developers’ trading updates. We even hear that some developers are ‘running out of bricks’.”

Enquiries were up 18% on 2012, new sellers up 5% and mortgage approvals were up 6%, the website reported.