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22nd April 2024
5 minutes

Spring Pushes UK Property Market Near New House Price Record

The average price of a property coming to the UK market in April has increased by 1.1% according to the latest House Price Index released by Rightmove this morning, rising by +£4,207 to reach an average of £372,324 – a “substantial monthly price increase” according to the property website, but in line with the ten-year average for this period of the year.

Manchester Property Market House Prices

Image Source: Photo by Zach Rowlandson on Unsplash

The average UK house price increases to £372,324 in April

The average house price in the UK property market has increased to £372,324 according to Rightmove’s House Price Index released today, rising by 1.1% (+£4,207) and hitting just £570 short of the current record of £372,894 – achieved in May 2023.

The average annual rate of price growth in April has also increased to 1.7%, the highest level achieved over the last 12 months, while the number of sales agreed compared to the previous year this month has increased by a staggering 13%.

Rightmove has reported a “much-improved first four months of the year” compared to 2023 as the market receives boosts in both seller and buyer activity for Spring and the current average house price in the UK property market nears the current highest record with the expectation that the average price will set a new record next month.

The number of sales agreed in the UK property market increases by 13% Y-O-Y

The number of new sellers coming to the UK property market has increased by 12% compared to the previous year while the number of sales agreed in the current market are also up by 13% in response to the market rebounding from a subdued Spring in 2023.

Despite most of the activity in the UK property market currently being seen in the top-of-the-ladder categories – four bed detached and all five-bed properties – the number of sellers in both the first-time buyer and the second-stepper sectors has increased by 10% over the last 12 months while the number of sales agreed in these sectors has increased by 9% and 13% respectively against last year.

March saw the highest number of new sellers coming to market in one day

Despite the current conditions of the buyer’s market in the UK – with mortgage rates remaining consistently high despite major lenders reducing their rates at the beginning of the year – the number of sales being agreed in the UK property market is now level with the levels achieved in 2019 as the average five-year mortgage rate currently sits at 4.84% compared to the 2.45% recorded in April 2019, while property prices are on average 22% higher than in 2019.

To solidify the impact that the Spring has had on buyer and seller activity in the market, Rightmove reported the highest number of new sellers coming to the market in one day in 2024 as Thursday 28th March – the third largest number of sellers coming to the platform since August 2020 – as many sellers were keen to attract a buyer over the Easter Weekend.

“While affordability is still very tight, property and mortgage market conditions remain stable, buyer choice is good, and many sellers will recognise that it is the right time to negotiate on price to agree a deal. The boost in activity suggests that many home movers are already springing into action to make their move.”
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Tim Bannister, Director of Property Science at Rightmove.

To speak to one of our expert team about our available properties and learn more about the current UK property market, get in touch today.

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