Average UK property price at record high: Rightmove

The average price of property coming to market in the UK hit a record high in April, according to the latest Rightmove House Price Index, up 1.1 per cent on the previous month.

In April, the average UK property price was found to be £313,655, exceeding the previous high of £310,471 set in June 2016, which Rightmove says is driven by strong buyer demand with the highest number of sales agreed since 2007, before the credit crunch.

Prices rose in every region on a monthly basis in April, with the exception of London, where they fell by 2 per cent in the month to an average of £636,777.

Wales saw the greatest increase by percentage in the month, up 7.6 per cent from March to an April average of £186,172.

Rightmove director Miles Shipside says: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs.

“There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007. It remains to be seen what effect the run-up to the snap election will have, though any slowdown in activity will be counter-balanced by the market’s current fast pace.

“Indeed, in locations where choice of suitable property is limited hesitation could mean losing out to others who still decide to act.”

While prices in the UK were at record highs in April, the price-rise was lower than the 1.6 per cent average increase at this time of year over the past seven years. The annual pace of increase was at 2.2 per cent, the slowest for four years.

EMoov.co.uk founder and chief executive Russell Quirk says: “Interesting that Rightmove should have observed no wobble in the market where asking prices are concerned, despite the industry indices based on sale completions stating otherwise.

“This would suggest that UK buyers are still sitting tight despite a marginal cool in market demand and are yet to reduce their price expectations. Overall, the predominant air of confidence seen in the market over the last year from UK home sellers seems to be persisting and this, in turn, should see price growth stabilise.”