Rightmove: House prices see slight rise in April

The data, from Rightmove, suggests subdued momentum in the UK property market.

Rightmove stated that the average asking price was up by 0.2% over the month of April, less than the average 1.2% gain seen around that time of year.

Compared with 2022, asking prices were 1.7% higher, down from a 3.0% annual increase a month earlier.

Rightmove also stated that transaction levels currently seen are comparable those witnessed before the pandemic.

The average asking price for a home listed on Rightmove between March 12 and April 15 was £366,247 - below their peak in October last year - although prices for smaller homes, which are currently favoured by first-time buyers, hit a new record of £224,963.

Tim Bannister, head of property Science, Rightmove, said: “Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt Spring buyers with a competitive price.

“The current unexpectedly stable conditions may tempt more sellers to enter the market who had been considering a move in the last few years but had been put off by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available.

“However, those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019.”