Rightmove’s latest house price index reveals that the typical listing price for a home in Great Britain has set a new high, surpassing £375,000 with a 0.8% increase.
Spring, being the peak season for property activity, often brings about a rise in prices as well.
There has been a consistent monthly rise in average asking prices since the year started, indicating sellers’ optimism about finding buyers.
The surge in prices is largely influenced by the demand for spacious homes with five or more bedrooms, as well as four-bedroom detached houses, mirroring last month’s pattern. There’s been a marked uptick in listings in these categories, particularly since some prospective sellers had deferred their plans in previous years. Compared to the same period in 2023, the sales of large homes have jumped by 24%, while overall home sales have risen by 17%.
Nick Leeming from Jackson-Stops reflects that the search for a change in lifestyle continues to be a dominant factor in the market, with detached and prime country homes in scenic locations facing the highest buyer demand, particularly now that the sun is out and people are aiming to relocate by the year’s end.
Tim Bannister, a property specialist, concurs, noting the spring season has propelled asking prices to record heights, with premium homes leading the charge. Yet, he points out that the overall average prices are only slightly higher than last year by 0.6%.
Despite these price records, the market remains sensitive to pricing. With high asking prices across most regions and enduringly high mortgage rates, many buyers find affordability stretched.
National Average Asking Price
| Month | Average asking price | Monthly change | Annual change |
|---|---|---|---|
| May 2024 | £375,131 | +0.8% | +0.6% |
| April 2024 | £372,324 | +1.1% | +1.7% |
National Average Asking Price by Sector (excluding inner London)
| Sector | May 2024 | April 2024 | Monthly change | Annual change |
|---|---|---|---|---|
| First time buyers | £228,003 | £227,110 | +0.4% | +0.7% |
| Second steppers | £343,268 | £342,501 | +0.2% | +0.5% |
| Top of the ladder | £693,791 | £682,661 | +1.6% | +1.3% |
Estate agents recommend setting a realistic price right when you list your home for sale. Analysis indicates that homes priced correctly from the start sell in 32 days on average, while those that have price cuts take over three times longer at 112 days.
Timeframe for Moving Home Currently
To find a buyer at the moment, it generally takes 62 days. But the complete process including finalizing the sale and key handover extends much longer, averaging at about five months or 154 days.
If you wish to move before the holiday season, now is the time to get your moving plans rolling.
Tim notes that the protracted legal processes for completing home sales can be a hurdle, and though it seems early, those who envision celebrating the holidays in a new place should start putting their home on the market now.
For those considering a sale and need guidance, you can consult our 12-step home selling guide. Additionally, our home-buying guide lays out factors to keep in mind when hunting for a new home.
