So far this month, asking prices have surged by over £5,000, fueled by a more stable mortgage market boosting confidence in property values.
Rightmove reports that the average price for newly listed homes climbed by 1.5% to £368,118 in March, translating to a £5,279 increase – the most significant in 10 months.
The UK housing market shows further signs of resurgence, with a 13% increase in agreed sales compared to the same period last year.
Rightmove’s director of property science, Tim Bannister, commented: “The robust price growth seen this March suggests new sellers are much more optimistic, though some might be overly so, believing there’s sufficient buyer interest and affordability locally to support higher prices.”
London experienced the most substantial growth in property demand year-on-year, driven by decreasing inflation, rising wages, and a shift back to office work, enhancing the city’s attractiveness.
The market’s dynamism is largely attributed to transactions involving high-end properties, less affected by mortgage rates. Rightmove notes an 18% rise in such ‘top-of-the-ladder’ sales this March compared to last year.
Despite the March increase, average asking prices remain £4,776 below their May 2023 peak.
