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CURRENT UK PROPERTY MARKET: INSIGHT FROM THE LATEST STATISTICS

The UK property market is on the move, showing signs of both progress and caution.

The property market is presenting a mix of challenges and opportunities for those looking to buy or sell. In March, there was a significant 13% rise in sales agreed when compared to the previous year, with buyer demand also up by 8%.* Despite this, the time required to find a buyer has also increased, marking the longest duration since 2019, which suggests a market that is recuperating yet remains cautious.
 

Regional property update

On a regional level, we see uniform growth in asking prices. The East Midlands is at the forefront with a 2.7% monthly rise to £287,145, while the South West follows closely with a 2.4% hike, bringing average prices there to £383,889.*

In Scotland, properties are selling fast, averaging 43 days on the market - significantly quicker than other regions. Asking prices have seen a modest monthly increase of 0.5%, with a notable 4.2% annual growth, setting the average price at £190,067.*

Wales reports a steady market, with a slight 0.3% monthly uplift in asking prices, standing at £256,499, and no annual change. Properties in Wales are taking around 82 days to sell.*
 

Rental market trends

Turning to the rental sector, the UK has seen a 7.8% yearly rise in new let rents, with the average monthly rent now at £1,273.^** Scotland's rental market is strong with an 8.9% annual increase, topped only by the West Midlands with a 9% annual growth. Wales, although slower, still has a consistent rental market growth, with a 4.8% annual inflation rate.^

These figures underscore the steady, albeit slow growth happening in the current property market. To find out more about what is happening in your local area, or for a free and up-to-date sales or rental valuation, contact us today.

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Correct at the time of publishing – 16.04.24

Sources:

*Rightmove, HPI March 2024

**Zoopla rental market report Q1, 2024 

^HomeLet rental index, March 2024

MKT/CG/UKON/210424