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 and April, there was a significant 13% rise for both months in sales agreed when compared to the previous year, with buyer demand also up by 8% in March.* Despite this, the time required to find a buyer has also increased which suggests a market that is recuperating yet remains cautious.
Regional property update
On a regional level, we see monthly growth in asking prices for most regions. After the East Midlands saw a 2.7% growth in asking prices in March, the increase has now levelled off to 0.0% monthly change and a slight yearly increase of 0.1%.* Next up is the East of England, the only region that experienced a very slight decrease in average asking prices when compared to last year (-0.8%), but a monthly increase of 1.1%.*
Scotland is at the forefront with a 2.9% monthly rise to £195,497.* Properties in Scotland are selling fast, averaging 37 days on the market - significantly quicker than other regions and has also sped up since the previous month. Asking prices have seen a monthly increase of 2.9%, with a notable 4.2% annual growth, setting the average price at £190,067.*
Wales is on Scotland’s heels in terms of its monthly average growth in asking prices, which currently are 2.6% above last month and 2.2% above last year. This brings Wales’ average asking price to £263,132 with properties taking around 76 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 – 26.04.24
Sources:
*Rightmove, HPI March and April 2024
**Zoopla rental market report Q1, 2024
^HomeLet rental index, March 2024
MKT/CG/UKON/210424