As spring blooms across the UK, so does the property market, with house prices hitting record highs this May. According to the latest report from Rightmove, published 20 May, the average asking price for homes in Great Britain has soared to just over £375,000, marking a 0.8% increase from the previous month. This rise signifies not only the seasonal strength of the market but also the resilience of property values amidst ongoing economic uncertainties.
Record-Setting Spring
This year’s spring has continued the long-standing trend of being a robust period for the housing market, with Rightmove noting that new price records have been set in May in 12 of the last 22 years. The current increase in prices is driven by the high demand for larger, top-tier homes, such as those with five or more bedrooms and four-bedroom detached houses. Notably, the ‘top-of-the-ladder’ homes have seen an average price increase of 1.3% compared to last year.
Despite these gains, the overall year-on-year increase remains modest at 0.6%, reflecting a market that remains sensitive to price changes. This sensitivity is underscored by the cautious approach of buyers and sellers in setting realistic price expectations to facilitate quick sales.
Regional Insights and Market Dynamics
The national average masks regional disparities, with London experiencing a subdued growth of only 0.1%, bringing the average price in the capital to £697,000. Meanwhile, the North East, which boasts the most affordable average prices in Great Britain, has seen the strongest growth, highlighting the uneven recovery and expansion across different regions.
The property market’s buoyancy is further evidenced by a significant 17% increase in the number of sales agreed during the first four months of the year, outpacing the 12% rise in new listings. This robust activity suggests a strong demand that continues to drive the market forward, despite the higher mortgage rates and the Bank of England’s steady interest rate of 5.25% since August 2023.
Timing and Market Preparation
The journey to selling a home involves more than just listing it on the market. The average time to find a buyer currently stands at 62 days, but the complete process – from agreeing on a sale to handing over the keys – takes about 154 days, or roughly five months. With this lengthy timeline, it’s crucial for those aiming to relocate by the Christmas season to begin their preparations now.
This extended period is primarily due to the intricate legal processes involved in transferring property ownership, which can be a significant hurdle for many home movers. For those contemplating selling, it’s wise to start early, envisioning a holiday season in a new home as a motivating factor.
For an instant approximate value of your home, utilising tools like Hampton’s instant online valuation can provide a quick estimate of your property’s worth, setting the stage for a successful sale. Additionally, their guide on critical questions to ask when buying a home can help you to be fully informed before making any decisions.
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Whether you’re looking to move locally or you’re considering an international move, Doree Bonner’s extensive experience in professional moving, packing, and storage can significantly ease the stress of moving. As you prepare for your next step, whether it’s selling your home, decluttering, or moving, our comprehensive solutions and highly-rated services are available to support you every step of the way.
For more information on how we can assist with your moving, packing, and storage needs please contact us 24/7. Alternatively, you can get a free online quotation here. Let us help you make your next move seamless and worry-free.
