UK Home Asking Prices Reach Record High Despite Slowed Gains
The average asking price for homes in the UK hit a record high of three hundred seventy-five thousand one hundred thirty-one pounds, despite higher mortgage costs. However, the pace of gains has slowed, with prices increasing just 0.8% month-on-month. The market remains price-sensitive, and affordability is still an issue for many buyers.
The prices of homes being put up for sale in the UK have reached record highs, according to data from property website Rightmove.
The average asking price for residential properties hit 375,131 pounds ($474,578.23) in the four weeks leading up to mid-May. This represents a 0.8% month-on-month increase, the weakest rise so far in 2024, and a 0.6% increase compared to the same period last year.
Despite higher mortgage costs, the housing market has shown signs of recovery as falling inflation boosts household incomes, raising the prospect of interest rate cuts.
However, Tim Bannister, Rightmove's director of property science, noted that the market remains price-sensitive, with affordability still stretched for many home-buyers.
Rightmove also reported that asking prices rose the most in the high-end market, up 1.3% annually.
The average asking price for residential properties hit 375,131 pounds ($474,578.23) in the four weeks leading up to mid-May. This represents a 0.8% month-on-month increase, the weakest rise so far in 2024, and a 0.6% increase compared to the same period last year.
Despite higher mortgage costs, the housing market has shown signs of recovery as falling inflation boosts household incomes, raising the prospect of interest rate cuts.
However, Tim Bannister, Rightmove's director of property science, noted that the market remains price-sensitive, with affordability still stretched for many home-buyers.
Rightmove also reported that asking prices rose the most in the high-end market, up 1.3% annually.