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Asking prices ticked up 0.2% in April

Christina Hoghton
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Christina Hoghton

Property prices are inching up, but not by much, as sellers price realistically to make a sale

Average asking prices have edged up by 0.2% between March and April to £366,247, said Rightmove.

The property portal noted this is 1.7% higher than a year ago.

It added that the April increase was a smaller average monthly price rise than is normally expected at this time of year. That’s down to sellers pricing homes more realistically to find a buyer.

The average asking price on a first-time buyer property is now £224,963, up 0.2% in April and 2.0% over the year. Second-stepper homes are £339,359, up 0.7% in April and 1.9% over the year.

Average top of the ladder homes have an asking price of £666,566, up 1.2% in April and 1.7% over 12 months.

Rightmove’s property expert, Tim Bannister, said: “Estate agents are reporting that while sellers in recent years might have seen multiple bids on their home, many understand the need to tempt Spring buyers with a competitive price in the current housing market. The unexpectedly stable conditions we’re seeing now may attract more sellers who had been considering a move in the last few years, but had been put off by the market’s frenetic pace.”

“We’re in a more settled property market than the extremely busy pandemic years, but people who are keen to find a new home are pressing on with their moves. This month we’ve seen the number of homes marked ‘sales agreed’ recover after their slump following September’s mini-Budget. And demand from home-buyers is up 8% on the same period in 2019.

“Those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed is now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019.”

Nathan Emerson, CEO of Propertymark, added: “The number of sales and instructions month on month remain healthy, showing a strong appetite continues within the market.

“Our member agents tell us that the total number of properties for sale is edging back to pre-pandemic levels, supported by an increase in market appraisals being done.

“Prices achieved are now meeting a middle ground with those selling still making a healthy gain and those buying finding the final agreed price much more affordable than seen previously.”