The average new seller asking price across Britain is now £372,324
The average price tag on a home is only around £570 short of a record high hit in May last year, per a property website.
Across Britain, the typical price of a property coming to market rose by 1.1% or £4,207 month-on-month in April, Rightmove said.
A key factor behind the growth towards near-record average prices according to the website is “top of the ladder” properties, with a surge in new sellers and sales agreed for bigger, family-sized homes.
By contrast, house prices and activity are rising more slowly in the more mortgage-dependent sectors of the market, including people taking their first and second steps on the property ladder, the report further said.
The average new seller asking price across Britain is now £372,324.
The average asking price for a “top of the ladder” home in April is £682,661, up by more than £18,000 from £664,422 in March.
Overall, the first four months of the year have been “much improved” compared with 2023, with the market seeing boosts in both buyer and seller activity this spring, the property website added.
Rightmove said that current sales are level with 2019, despite buyer conditions being much more challenging, with higher mortgage rates plus house prices having risen by over a fifth (22%) during the intervening years.
Affordability has been supported by wage growth, Rightmove said.
Tim Bannister, Rightmove’s director of property science, said: The top of the ladder sector continues to drive pricing activity at the beginning of the year, with movers in this sector typically less sensitive to higher mortgage rates, and more equity rich, contributing to their ability to move.
He said: While some buyers, across all sectors, will feel that their affordability has improved compared to last year because of wage growth and stable house prices, others will be more affected by cost-of-living challenges and stickier than expected high mortgage rates.
He added: Despite these factors, it has been a positive beginning to the year in comparison to the more muted start to 2023. Nevertheless, agents report that the market remains very price-sensitive, and despite the current optimism, these are not the conditions to support substantial price growth. Sellers who are keen to secure their sale will still need to price realistically for their local market and avoid being overambitious at the start of marketing to give themselves the best chance of finding a buyer.
Bannister suggested that there could be a “tempting window of opportunity” for some people to make moves before the summer holidays and a general election.
The findings were released as a report from the Building Societies Association (BSA) looked at the struggles for prospective FTBs in getting onto the property ladder.