House prices update: prices reach new record despite more subdued late Spring market 🌼
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Latest Sales Market news and stats from Rightmove's House Price Index 🔢:
Prices reach new record despite more subdued late Spring market 🌼
🔸 New seller asking prices rise by 0.6% (+£2,335) this month to a new record of £379,517. However, this month’s seasonal
price increase is the lowest at this time of year since 2016, as the decade-high number of homes for sale limits price growth
🔸 The traditionally strong late Spring market is more subdued following a busy first quarter of the year. Along with the smaller than usual price increase, there has been a dip in new buyer demand following April’s stamp duty increase:
🔸 After a busier than usual March, new buyer demand slowed in April to 4% below the same month in 2024. However,
demand in the year to date is still 3% ahead of last year, and there are early signs of a bounce-back in May
🔸 Despite April’s lull in new buyer demand the number of sales being agreed in the last month is 5% higher than at this time last
year, indicating that spoiled-for-choice buyers are still being tempted by the right property at the right price
🔸 The number of new properties coming onto the market for sale is now 14% ahead of this time last year
🔸 As new seller activity outpaces new buyer demand, some caution on price expectations is needed to achieve a sale
🔸 The latest Bank Rate cut could provide a boost to buyer affordability and activity later in the year. Rightmove’s weekly
mortgage tracker shows that the lowest available two-year fixed mortgage rate is now 3.72%, down from 4.75% last year
For the full HP Report from Rightmove, click here for a PDF download 📩
Wouldn't it be good to know the value of your home in today's market? Contact Lisa (lisa.dahl@cavendishproperty.co.uk) for an up-to-date valuation (or complete the form opposite ➡️).
📸 Lisa Dahl-Parsisson, Head Valuer and Asset Manager at Cavendish Residential 📸
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