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UK house price growth slowed in April, according to figures on Monday, though property portal Rightmove reported signs of ‘stability’ in the market.
The average asking price of a UK property rose 0.2% on-month to £366,247 from £365,357, according to Rightmove. Prices had risen 0.8% in March from February.
On an annual basis, prices climbed 1.7% in April, cooling from a 3.0% rise in March.
April’s monthly growth was markedly off the ‘average of 1.2% at this time of year’, Rightmove said.
‘Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt spring buyers with a competitive price. The current unexpectedly stable conditions may tempt more sellers to enter the market who had been considering a move in the last few years but had been put off by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available,’ Rightmove Director of Property Science Tim Bannister commented.
Properties are selling faster than they were prior to the pandemic, Rightmove said.
‘Not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019,’ Bannister said.
Sales agreed are 18% off last year’s ‘exceptional market’ though they are now higher than September’s level for the first time since the UK mini-budget, which sent mortgage rates sky-rocketing.
‘However, it remains a challenging environment to get onto the ladder, with new record average asking prices and higher borrowing costs to budget for than a year ago,’ Bannister added, noting that prices for first-time buyers spiked to a highest-ever £224,963.
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