The average asking price of property coming to the market rose by 1.1% (£4,207) this month to £372,324, just £570 short of the record in May 2023, while the annual rate of price growth is now 1.7%, the highest level for 12 months.
This is according to the house price index from Rightmove, which goes on to point out that the market remains price-sensitive, and operating at different speeds, with prices and activity rising slower 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:
The biggest growth in activity is taking place in the largest homes, top-of-the-ladder sector, with the number of new sellers up by 18% compared with last year, and the number of sales being agreed up by 20%.
Home-owners are springing into action, with Thursday 28th March seeing the highest number of new sellers coming to the market in one day so far in 2024, and the third largest since August 2020
Commenting on the latest figures Open Property Group chief executive Jason Harris-Cohen said:
“’Optimism reigns as sellers shrug off any hint of election jitters, throwing caution to the wind with almost record levels of enthusiasm’.
It’s interesting to see that the highest end of the UK property market is responding most aggressively in this month’s house price numbers, with the biggest upwards push in asking prices in ten years.”
Harris-Cohen added that for those at the higher rungs of the proper ladder, it has seemingly never been a better time to sell. “Of course, the challenge will be their ability to secure a buyer as such strong price growth means that this level of the housing market just got that little bit more unobtainable for those looking to reach it.”
MT Finance director Tomer Aboody was also encouraged by the latest figures: “With a pick up in sales providing further confidence in the market, we are seeing the fruits of a stable interest rate environment, combined with reduced inflation, all contributing to an increase in asking prices.”
He added: “With the announcement that the government may be looking to introduce another stamp duty restructure in the autumn ahead of the general election, this will provide a further boost for the housing market, saving buyers thousands of pounds.”
