With asking prices increasing and a 13% increase in sales agreed, both buyers and sellers are taking action in the current property market landscape.

According to the latest Rightmove House Price Index, the average asking price for properties has risen by 1.1% to £372,324, just shy of the record set in May 2023.* This upward trend is supported by the Property & Homemover report from TwentyCi reporting a 15% increase in sales agreed when comparing Q1 2023 to Q1 2024.** Additionally, the Zoopla House Price Index also reported a 12% year-on-year increase in the number of sales agreed.***

There are distinct variations within the property market, with the largest homes in the top-of-the-ladder sector driving the current pricing activity. This sector has seen the number of new sellers increase by 18% compared to last year, and sales agreed up by 20%.* In contrast, the first-time buyer and second-stepper sectors are witnessing a more modest increase in activity. 

 

Regional property update

All regions, except for the East of England (which saw an annual decrease of -0.8%), have experienced year-on-year growth, with Scotland experiencing the strongest growth (3.8%), followed by the North East (3.4%) and Yorkshire and the Humber with 3.1%.*

In addition to having the strongest growth, Scotland also is the region in which properties sell the fastest (averaging at 37 days). Wales and the East Midlands take the longest, with 76 days and 73 days respectively.* 

 

Rental market trends

The rental sector is not without its challenges, facing continued stock shortages and rising rental costs. The TwentyCi Property & Homemover Report Q1 2024 indicates a slight improvement in supply, with new instructions in Q1 2024 being 5% higher than in Q1 2023.** 
Despite this, stock levels remain historically low, and with demand significantly outstripping supply, rental prices continue to rise.

The average asking price for rentals across the UK now stands at £1,294 per month, a +1.6% monthly increase and a +7.9% annual increase.^ Scotland’s annual change in rental growth is 9.1%, well above the UK average. In comparison, Wales is seeing somewhat lower but still steady growth at 4.9%.^

These figures underscore the steady growth happening in the current property market. For sellers, realistic pricing remains key to attracting buyers, while buyers should take advantage of the opportunity to find their dream home.

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 – 14/05/2024

Sources:
*Rightmove HPI, April 2024
**TwentyCI & TwentyEA Property & Homemover Report Q1 2024
***Zoopla HPI, April 2024
^HomeLet rental index, April 2024

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