Record Asking Prices!!!

The average price of property coming to the market for sale reaches a new record of £375,131, rising by 0.8% (+£2,807) in
the month, as the momentum of the Spring selling season exerts some modest upwards price pressure :
• The market remains price-sensitive with average asking prices just 0.6% higher than a year ago
• The top-of-the-ladder sector is still leading price growth, with average prices up by 1.3% compared with last year
• Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home-mover
activity despite mortgage rates remaining elevated for longer than anticipated:
• The number of sales being agreed during the first four months of the year is 17% higher than last year, outstripping
the 12% increase in the number of new sellers coming to market
• Despite these positive lead indicators for higher transaction levels this year, the painful average of 154 days between
agreeing a sale and legal completion remains a challenge for both agents and movers:
• With 62 days on average needed to find a buyer before the legal process even begins, would-be sellers hoping to be
in a new home for Christmas need to be taking action now
• Rightmove’s analysis shows that properties that need an asking price reduction take more than three times longer
to find a buyer as those that do not, giving sellers who price right from the outset the edge to sell more quickly