Spring market activity encouraging

The average asking price of property coming to the market rises by 1.1% (+£4,207) in April to £372,324, just £570 short of the record in May 2023, says Rightmove. While the annual rate of price growth is now +1.7%, the highest level for 12 months.

A key factor behind this growth towards a near-record average price is the largest homes, top-of-the-ladder sector, which is seeing its strongest start to the year for price growth since 2014, with sellers up by 18% compared with last year, and the number of sales being agreed up by 20%. However, the market remains price-sensitive, and is operating at different speeds, with prices and activity rising more slowly in the more mortgage dependent first-time buyer and second-stepper sectors.

There appears to be a window of opportunity for those considering a move to act, with a busy summer of sporting events, followed by a likely General Election, creating more home-mover distractions than usual adds Rightmove.