Rightmove’s latest house price index shows that the average asking price of property coming to the market rose by 1.1% (+£4,207) in April to £372,324, just £570 short of the record in May 2023. The annual rate of price growth is now +1.7%, the highest level for 12 months.
Sales of larger homes are a key factor behind this growth towards showing near-record average prices which are seeing the strongest start to the year for price growth since 2014, with sellers up by 18% compared with last year, and the number of sales being agreed up by 20%. However, the market remains price-sensitive, and is operating at different speeds, with prices and activity rising more slowly in the more mortgage dependent first-time buyer and second-stepper sectors.
The number of new sellers coming to the market is up by 12% compared to this time a year ago, and the number of sales being agreed is up by 13% as both seller and buyer activity rebound from last year’s much more subdued Spring.
Homeowners are springing into action, with Rightmove recording Thursday 28th March as showing the highest number of new sellers coming to the market in one day so far in 2024, and the third largest since August 2020. There appears to be a window of opportunity for those considering a move to act, with a busy summer of sporting events, followed by a likely General Election, creating more home-mover distractions than usual adds Rightmove.
