Average property asking price in Britain reaches record high, Rightmove finds

The average asking price for a house in Great Britain hit a new record of £377,182 in April, Rightmove has found.

The firm’s latest house index revealed that this figure increased by 1.3% and 1.4% year-on-year and month-on-month, respectively.

Rightmove said this "snapshot of the post-stamp duty increase market" suggests that "movers are carrying on and have adjusted to the tax rise".

Furthermore, the house comparison website said that mover activity "remains resilient", as new buyer demand increased by 5% year-on-year, while the number of new sellers coming to the market jumped by 4%.

Property expert at Rightmove, Colleen Babcock, said: "We’ve seen our first price record in nearly a year, despite the number of homes for sale being at a decade-high. The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient. Confidence from new sellers is a good sign for the overall health of the market, but they do need to be careful when setting their asking price.

"The high level of supply in the market right now means that buyers are likely to have plenty of homes in their area to choose from, and an overpriced home will stick out for the wrong reasons. Our research also shows that getting the price right the first time is key. Homes that don’t need a reduction in price are more likely to find a buyer, and to find that buyer in less than half the time."

Year-on-year, the best performing region in Great Britain was the North West, where asking prices increased by 2.6% to £266,408.

Asking prices in Wales (£268,816) and Scotland (£200,593) also jumped annually by 2.2% and 2.6% respectively, while all Midlands and Northern regions in England reached record price records in April.

In London, house asking prices increased by 0.4% year-on-year to a new record of £699,200, the highest average asking price in Great Britain.

Chief executive officer at Propertymark, Nathan Emerson, added: "It is encouraging to witness the housing market continue to deliver growth, despite the increasingly complex economic challenges we face at the moment. Although the rush from many people in England to beat stamp duty threshold changes has now concluded, we now progress into the spring and summer months, which typically deliver strong momentum for the sector.

"We remain in a position where inflation is on a potential uneven footing, and this may impact any decision the Bank of England might make regarding interest rates when they next meet on 8 May."



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