What is Happening to the all-important Spring Housing Market?

Average UK house prices edged up slightly in April, by 0.2%, according to the latest figures from Rightmove. However, they are increasing at a slower pace than would normally be expected during the spring – traditionally peak season for home movers. The property portal’s latest House Price Index data indicates that sellers are pricing their homes at a more realistic level, with many choosing to come to the market as a result of more settled conditions.

According to Rightmove’s data expert, Tim Bannister: “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.”

Rightmove reports that April has seen demand for homes rise by 8% on pre-pandemic levels. It also says there has been a rise in the number of sales agreed, after the slump which followed the fallout from September’s mini budget. Increased demand among first-time buyers, looking to avoid the rising cost of renting, is one factor in the increase in agreed sales, according to the portal.

Says Tim Bannister: “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 now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019.”.

Read more about this story on the Rightmove website.