UK Home Prices Near Record Highs: 1.7% Annual Increase, According to Rightmove

The text reports that UK home asking prices are approaching record highs, according to a survey by Rightmove, the property website.

Prices increased by 1.7% year-on-year and 1.1% month-on-month, reaching an average of £372,324.

The housing market's recovery is attributed to lower borrowing costs following former Prime Minister Liz Truss's failed tax cut plans in 2022.

Other indicators also show a rebound in demand and prices.

Rightmove reported a 12% increase in new sellers and a 13% rise in sales compared to the previous year.

The high-end property segment experienced the most significant increase in asking prices since 2014.

However, demand for properties sought by first- and second-time buyers, who are more mortgage-dependent, rose less.

Tim Bannister, Rightmove's director of property science, cautioned against expecting substantial price growth, advising sellers to price realistically based on their local market.