UK house prices grow at fastest annual pace in a year - Rightmove
22nd Apr 2024 06:54
(Sharecast News) - The average asking price of a UK home rose at its fastest annual pace in a year in April, with "top-of-the-ladder" homes seeing the biggest growth in activity, according to a survey released on Monday by property website Rightmove.
Asking prices increased 1.7% on the year following a 0.8% jump in March. On the month, growth slowed to 1.1% in April from 1.5% a month earlier.
The average price of a home stood at £372,324 this month - just £570 short of the record in May 2023 - versus £368,118 in March.
Rightmove said the number of new sellers coming to the market was up 12% compared to this time a year ago, while the number of sales being agreed was 13% higher as both seller and buyer activity rebound from last year's much more subdued Spring.
Larger homes saw the biggest growth in activity, with the number of new sellers up 18% compared with last year, and the number of sales being agreed up by 20%.
Tim Bannister, Rightmove's director of Property Science, said: "The top-of-the-ladder sector continues to drive pricing activity at the start of the year, with movers in this sector typically less sensitive to higher mortgage rates, and more equity rich, contributing to their ability to move.
"While some buyers, across all sectors, will feel that their affordability has improved compared to last year due to wage growth and stable house prices, others will be more impacted by cost-of-living challenges and stickier than expected high mortgage rates.
"Despite these factors, it has been a positive start to the year in comparison to the more muted start to 2023. However, agents report that the market remains very price-sensitive, and despite the current optimism, these are not the conditions to support substantial price growth. Sellers who are keen to secure their sale will still need to price realistically for their local market and avoid being overambitious at the start of marketing to give themselves the best chance of finding a buyer."