The UK property market has reached new heights with the average price of properties coming to market hitting a record £375,131, reflecting a 0.8% increase or £2,807 this month. This rise, driven by the momentum of the spring selling season, highlights the resilience and potential of the UK property market.
Despite the elevated prices, the market remains price-sensitive. According to Rightmove, average asking prices are just 0.6% higher than a year ago. This stability presents a unique opportunity for property investors to enter the market with confidence.
Pent-up demand from buyers who paused their plans last year is now driving increased activity. Despite higher mortgage rates, the property portal reports a 17% rise in the number of sales agreed in the first four months of the year, outstripping the 12% increase in new sellers.
Rightmove’s analysis reveals that properties priced correctly from the start sell more than three times faster than those requiring a price reduction. This insight emphasises the importance of strategic pricing for a swift sale.
Tim Bannister from Rightmove noted, “Many predicted significant property price drops following the Bank of England's Base Rate increase to 5.25%. However, the spring selling season has applied enough upward pressure to reach a new record asking price. The top-of-the-ladder sector is leading the way, particularly in the North East and North West, which have seen the strongest price growth despite having some of the lowest average prices in Great Britain.”
Overall, the UK property market is showing robust health with new records being set and stable year-on-year growth. For investors, this signals a promising time to explore opportunities in the UK property market, capitalising on the upward momentum and strategic pricing advantages.
Investing in UK property now can offer significant benefits, with strong rental yields and the potential for capital growth, especially in regions like the North West. Despite the challenges, the market's resilience and the strategic advantages for sellers present a compelling investment case.