House prices rose by more than £5,000 in March, with an average asking price of £368,118 – down from last year’s peak
- According to Rightmove, the increase is below the May 2023 peak
The average price of a new home on the market rose by more than £5,000 month-on-month in March, a sign that ‘we now appear to have reached the bottom of the market’, according to a property website.
Across Britain, the typical price tag on a house rose by 1.5 percent or £5,279, according to Rightmove.
The increase pushed the average asking price to £368,118, which is still £4,776 below the May 2023 peak.
Both agreed sales and buyer demand are higher than this time last year, although the market remains sensitive to prices, Rightmove said.
Attractively priced homes are picked quickly, but overly optimistically priced homes take longer to find a buyer, the report said.
The increase pushed the average asking price to £368,118, which is still £4,776 below the May 2023 peak.
The average price of a new home on the market rose by more than £5,000 month-on-month in March
Across Britain, the typical price tag on a house rose by 1.5 percent or £5,279, Rightmove said
The average time for sellers to find a buyer is now 71 days, which at this time of year is the longest time since 2019, the website reports.
According to real estate firm Hamptons, rental price growth cooled last month.
In February, the average rent for a newly rented home in Britain rose by 7.1 percent annually, compared to 8.3 percent in January.
Rent growth is still outpacing inflation and the increase means the average tenant moving to a new property would pay an extra £87 per month or £1,044 per year more in rent than if they moved in February last year, it said Hamptons.