House prices reach £375,000 average as one property type pushes up sales

manchestereveningnews.co.uk:

The average price tag on a home has hit an all-time high of £375,131 in May amid increasing demand for properties, according to Rightmove data, despite mortgage rates remaining at high levels for longer than expected.

In Britain, property prices coming onto the market have seen an increase of 0.8 per cent, or £2,807, on a month-on-month basis.

Rightmove attributes the surge in home mover activity to pent-up demand from potential buyers who put their plans on hold last year.

Demand and price increases are greatest in the market for premium homes with a large number of bedrooms. Rightmove said: “Price growth is still led by the largest-homes, top-of-the-ladder sector, with prices in this sector up by an average of 1.3 per cent compared with last year. READ MORE: Cheapest places in Greater Manchester to buy petrol as RAC issues fuel price warning The renting and house sales giant went on to say: “However, since the last price record set a year ago in May 2023, average prices are only 0.6 per cent higher overall, a reminder that the market remains very price-sensitive.” Compared to last year, the number of sales agreed upon in the first four months is up by 17 per cent.