The latest Rightmove average asking price figure surpasses the typical March rise of 1.0% and shows a yearly increase of 0.8%. Despite this rise, average asking prices are still £4,776 lower than the peak observed in May 2023. As such, buy-to-let investors may still be able to find good-value properties throughout the UK.
According to Rightmove’s analysis, the number of sales agreed upon is now 13% higher than last year, with buyer demand up by 8% compared to the previous year. The larger homes sector and activity in London primarily drive this increase. Specifically, agreed sales in the prime and ultra-prime sectors, less sensitive to mortgage rates, have surged by 18% compared to last year.
In March, buyer demand for top-of-the-ladder properties is up by 12% compared to last year, outpacing the overall increase of 8% for all property types. That being said, a recent Shawbrook Bank study indicates that many landlords see city centre apartments as a lucrative opportunity due to their convenient locations for many workplaces.
See More: Interested in UK real estate investment? See our guide on how to invest 100k in the UK property market.
However, Rightmove warns that the market remains sensitive to pricing and external factors, especially with high mortgage rates. The growth in buyer demand has been dampened by what Rightmove describes as a “lacklustre Spring Budget,” which did not provide direct assistance to first-time buyers or introduce innovations in the mortgage market.
Additionally, the average time to secure a buyer has increased to 71 days, marking the longest period at this time of the year since 2019, according to Rightmove.
Further Reading: New to property investment? See our guide on what a buy-to-let property is or you can peruse our page on how to find the best buy-to-let locations.
