Spring Selling Season Sees House Prices Reach New Record

by James Powell

Spring Selling Season Sees House Prices Reach New Record

The average asking price of a home in Great Britain has surged to a new high this month, rising to just above £375,000, reflecting a 0.8% increase. Historically, the spring months mark the peak period for the housing market, often accompanied by rising prices.

Consistent Price Growth

Since the start of the year, average asking prices have steadily climbed each month, a sign of the confidence new sellers have in the market. This trend is predominantly driven by larger homes, specifically those with five or more bedrooms, as well as four-bedroom detached houses. This growth mirrors last month’s trends, with more homeowners listing properties in this segment after previously postponing their plans. Notably, the number of agreed home sales for top-of-the-ladder homes has risen by 24% in the first four months of this year compared to the same period in 2023. Overall, sales agreed across the market have increased by 17%.

Market Insights

We attribute the robust market activity to lifestyle changes: “Demand for detached homes and prime country properties remains high, especially as beauty spots become more attractive with the onset of better weather, and people aim to move by the end of the year.”

“The spring selling season’s momentum has propelled average asking prices to new records, particularly in the top-of-the-ladder sector. However, it’s important to note that prices are only 0.6% higher than this time last year. The market remains sensitive to pricing, and with mortgage rates still elevated, affordability is a challenge for many buyers.”

Advice for Sellers

If you’re planning to sell your home, we recommend pricing it realistically from the outset. Analysis indicates that homes with an initial asking price reduction take over three times longer to find a buyer (112 days) compared to those priced correctly from the start (32 days).

Timeline for Moving

Currently, it takes an average of 62 days to find a buyer. However, the complete process, from sale agreement to handing over the keys, spans 154 days (approximately five months). Therefore, those looking to move by Christmas should begin their home-moving plans now.

“The protracted legal completion process is a significant barrier for home-movers. While it may seem premature to consider Christmas in May, many sellers envision celebrating the festive season in their new home, making now the opportune time to enter the market.”

Sourced from Rightmove

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