The average price of property coming to the market for sale has risen 1.4% in just one month .
That’s equivalent to a £5,312 increase on the price of a typical property, taking it to a new record of £377,182.
This is the first monthly price record since May 2024, with asking prices and activity typically higher during the Spring season.
In a sign of what Rightmove calls “continuing market resilience”, this month’s price increase is larger than the average April increase of 1.2%, despite the number of available homes for sale remaining at a 10-year high for the time of year.
The Rightmove data is also an anecdote to the unexpectedly pessimistic RICS housing market survey released last week.
But whilst a seasonal increase in asking prices is a positive sign for the health of the market, Rightmove warns that new sellers need to be cautious of the high competition for buyers that they may face when setting their asking price.
Rightmove’s research shows that homes that are priced realistically from the start of marketing, rather than reduced later, are more likely to find a buyer, and in less than half the time on average.
Rightmove property expert Colleen Babcock comments: “The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient.
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.
“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.”
The portal says that across the full month of March, new buyer demand was 5% higher than at the same time last year, and the number of new sellers coming to market was 4% higher.
But these averages mask a more nuanced reality.
In particular, there is a North and South divide in both price and buyer demand trends.
The majority of Midlands and Northern regions, as well as Wales and Scotland, are seeing above average increases in demand versus last year, and all have seen new price records this month. By contrast, the higher-priced South West and South East are seeing smaller increases in buyer demand and prices.
London appears to be an outlier; despite being the only region with fewer buyers enquiring than at this time a year ago, average asking prices in London have also reached a new record this month, driven by inner London.
And Rightmove cautions that with London typically being more exposed to the impacts of geopolitical tensions, as well as currently seeing weaker demand trends, we may see this price trend fall back.
