UK Home Prices See Strong Growth in April, Especially for Top-End Properties – Rightmove Survey

According to a recent survey by property website Rightmove, the average asking price of a UK home saw a significant annual increase in April, rising at its fastest pace in a year. The report revealed that asking prices jumped by 1.7% on the year, following a 0.8% increase in March. The average price of a home in the UK now stands at £372,324, just £570 shy of the record set in May 2023.

One interesting trend noted in the survey was the growth in activity among “top-of-the-ladder” homes, with larger properties experiencing the biggest increase in both new sellers and sales being agreed. The number of new sellers in this sector was up by 18% compared to last year, while the number of sales being agreed increased by 20%.

Tim Bannister, Rightmove’s director of Property Science, attributed this growth in the top-tier market to buyers who are less sensitive to higher mortgage rates and are more equity rich. However, he also warned that the market remains price-sensitive and sellers need to be realistic in their pricing to attract buyers.

While some buyers may feel more optimistic due to wage growth and stable house prices, others are facing challenges due to the rising cost of living and high mortgage rates. Despite the overall positive start to the year compared to 2023, Bannister emphasized the importance of realistic pricing for sellers to secure a sale in the current market conditions.

Overall, the UK housing market is showing signs of resilience and activity rebounding from the previous year’s subdued spring. With more sellers coming to the market and increased sales being agreed, the property market is seeing a positive start to the year, particularly in the top-end sector.