The average price of a UK property coming to market climbed to a record £377,182 in April, in the first monthly rise in almost a year.
The average asking price for properties hitting the market this month increased by 1.4%, or £5,312, according to Rightmove (RMV.L).
According to the property site, this marks the first new price peak since May 2024 and exceeds the typical April increase of 1.2%, even as the number of homes available for sale has reached a 10-year high for this time of year.
“The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient,” said Colleen Babcock, property expert at Rightmove (RMV.L).
“Confidence from new sellers is a good sign for the overall health of the market, but they do need to be careful when setting their asking price. 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.
“Our research also shows that getting the price right the first time is key. 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,” she added.
Read more: UK mortgage lenders cut rates after Trump tariffs
Data shows that the level of agreed sales falling through has remained steady, with most buyers who missed the stamp duty deadline still proceeding with purchases. The rush to beat the tax change reduced the queue of buyers awaiting completion by nearly 24,000 — a 4% drop — marking the first March decline in pending completions since 2020. The higher stamp duty came into effect in England on 1 April.
New buyer demand in March was up 5% year-on-year, while new sellers increased by 4%.
However, growth is uneven across the country, with substantial regional divergence emerging. All Midlands and Northern regions are at new price records this month, while the South East & South West lag.
“March was a very busy month, with more completions than in the post pandemic stamp duty holiday. Solicitors worked really hard to get so many movers through,” said Phill Sandbach, director at John German in the Midlands.
“April has started off as a busy month for us, with market appraisal requests, viewings and offers across all of our East and West Midlands offices.”
London has also seen asking prices climb to a new high, driven largely by inner boroughs. However, with buyer demand in the capital actually down compared to last year, the sustainability of this increase remains uncertain.
