Property prices rise to a near-record level in April, although buyers seeking smaller homes still face affordability challenges.
The average asking price for a home in Britain has risen by 1.1% in April, according to property firm Rightmove.
This brings the approximate cost of a property to £372,324 (€432,619), only £570 (€662) less than the record set in May 2023. Compared with the same period last year, asking prices are up +1.7%, the highest annual growth rate seen in 12 months.
That said, the monthly pace of price rises is cooling slightly, down from March’s reading of +1.5%. Excluding inner London houses, prices were up 2.7% month-to-month for four-bedroom, detached properties and larger dwellings. In terms of non-detached, four bedroom houses and all three bedroom properties, prices were up +0.9%. For smaller dwellings, the monthly growth rate was almost flat, at +0.3%.
Many potential sellers are hoping that an interest rate cut from the Bank of England, now expected in the summer, will further boost demand for properties.