A record one in three (32%) homes sold across the UK in April went for more than the asking price, according to estate agents.
The proportion was the highest since comparable records started in September 2013, according to Propertymark, a body representing estate and letting agents.
A previous record was set in May 2014, when 19% of sales went for over the original asking price.
High numbers of house hunters and low numbers of properties for sale are helping to fuel bidding wars.
The average number of house hunters registered per estate agency branch stood at 427 in April – the highest figure for the month of April since 2004.
Meanwhile, the average number of properties available per Propertymark member branch stood at 27 in April – the lowest figure recorded since December 2002.
These figures mean there are an average of around 16 buyers for every available property on the market.
Mark Hayward, chief policy adviser at Propertymark said: “The continued imbalance of supply and demand is a concern and has led to a strong sellers’ market with properties being snapped up quickly at high prices.”