In April 2024, Rightmove released its House Price Index, revealing a 1.1% uptick in the average asking price for new properties, reaching £372,324. This increase brings the figure within a narrow margin of the record set in May 2023, with an annual price growth rate of 1.7%, marking the highest in a year.

The report attributes this rise predominantly to the larger properties in the top-tier market segment, which have seen their most robust price growth since 2014, contributing significantly to the near-record average.

Despite this overall positive trend, the market remains sensitive to pricing, particularly evident in segments heavily reliant on mortgage finance, such as first-time buyers and second-steppers, where price escalation and transaction activity exhibit a more tempered pace.

Encouragingly, there has been a notable increase of 12% in new property listings and a 13% rise in transactions compared to the previous year, indicating a rebound from the lacklustre performance observed the prior spring.

The largest homes sector appears to be driving much of this heightened activity, experiencing an 18% surge in new listings and a 20% increase in transactions agreed upon.

The date of March 28th stands out as a peak day of activity, witnessing the highest influx of new sellers into the market for 2024 and the third highest since August 2020, suggesting a window of opportunity for prospective sellers, particularly amidst the distractions of the upcoming summer sports season and the potential for a General Election.

Marc von Grundherr, director at Benham and Reeves, reflects on the current market dynamics: “Spring has sprung in housing market terms with growing buyer demand pushing sellers to increase asking prices to near record levels."

“As the rate of inflation slows and market uncertainty subsides," he adds, "the property market is responding, as it always does, with upward price movements."

He concludes, "What’s more, wage growth is now outstripping both consumer inflation and house price growth, ensuring that for the first time in years, house price affordability is actually improving."