Rightmove - "New record asking price with resilient activity despite stamp duty increase"
The market continues to demonstrate resilience with buyer enquiry and new seller numbers remaining ahead of the same period in 2024. Despite decade-high choice for buyers, the average property price increased 1.4% (+ £5,312) this month. This is ahead of the average April increase and sets a new record of £377,182.
Headlines from today's latest Rightmove House Price Index
Asking prices have changed by -0.3% compared to last year here in Norfolk.
The average price of property coming to market for sale rises by 1.4% (+£5,312) this month to a new record of £377,182. This is a larger-than-usual April price increase, despite a decade-high number of homes for sale for the time of year
A snapshot of the post-stamp-duty-increase market suggests movers are carrying on and have adjusted to the tax rise:
The level of agreed sales falling through remains steady, with most buyers who missed the deadline still proceeding
The queue of buyers completing home moves has eased by nearly 24,000, as many successfully beat the deadline
Mover activity remains resilient with new buyer demand up by 5% versus last year and the number of new sellers coming to market up by 4%. However, some segments and sectors of the market are performing more strongly than others:
All Midlands and Northern regions are at new price records this month, while the South East & South West lag behind
London has also hit a new price record, but this may be short-lived as it is more subject to global uncertainties
The resilience of the British property market will be further tested by the impacts of President Trump’s tariffs on the UK economy over the coming weeks and months:
Potential boost to buyer affordability if Bank of England moves to reduce the Bank Rate more quickly starting in May
To read the full latest Rightmove House Price Index Report, please 'Click Here'.