UK Property Prices Hit New Heights Amid Strong Buyer Demand
- Adam Arnott
- May 25, 2024
- 1 min read
UK property prices have reached a new record high with the average asking price climbing to £375,131 in May up 0.8 per cent (+£2,807) from April. This surge is largely driven by a significant uptick in demand, with a particular type of property leading the charge.
Despite ongoing concerns about high mortgage rates, which have remained elevated since the Bank of England’s base rate increase to 5.25 per cent last August, the momentum from the spring selling season has been robust with Rightmove’s latest data revealing that the number of sales agreed in the first four months of 2024 is up by 17 per cent compared to the same period last year, outpacing the 12 per cent increase in new listings thereby causing a shortfall between demand and supply.
Rightmove’s researchers believe this pent-up demand is primarily being driven by would-be buyers who paused their plans last year.
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