Spring has sprung, and with it comes a rise in property prices! April sees the average asking price jump by a steady 1.1% (+£3,876), reaching £371,870. This uptick aligns neatly with the long-term average for this time of year, reflecting sensible pricing from new sellers who recognise the current high competition to secure a buyer.
While the rush to beat March’s stamp duty deadline has passed, springtime buyers have another reason to smile. They now have the most extensive choice of properties at this time of year since 2015, thanks to a healthy 8% increase in new sellers compared to 2024.
However, the property market still faces some lingering traffic, with a whopping 575,000 transactions currently stuck in the legal completion process.
Despite the clouds of global uncertainty, the UK property market continues to showcase remarkable resilience, with several encouraging signs emerging. Notably, the number of sales agreed is up 9% compared to this time last year, demonstrating confidence and steady activity in the market.
Mortgage rates are playing their part too. While affordability remains a sticking point for many buyers, the average five-year fixed mortgage rate has eased slightly to 4.74%, down significantly from July 2023’s high of 6.11%, yet only slightly lower than the 4.84% seen last April. Rightmove has welcomed proposals by regulators aimed at simplifying responsible lending—a development buyers and industry experts alike will watch keenly.
Here’s how the average asking prices stack up this month by sector (excluding inner London):
- First-time buyers: £227,965 (+0.5% MoM)
- Second-steppers: £343,802 (+0.8% MoM)
- Top of the ladder: £667,311 (+2.1% MoM)
In short, despite ongoing economic challenges, April’s property market brings optimism, variety, and some reassuring stability. Whether you’re buying, selling, or just browsing, it seems the housing market is firmly in bloom!
Adam Charlton is the Managing Director of Homes Partnership, a property professional with over 18 years of local market experience in Crawley and West Sussex. Qualifications: MNAEA, MARLA, DipSP and certDEA. Adam joined Homes Partnership in 2007 and became Managing Director in 2015. He leads valuations, sales strategy, and the wider team, with a particular focus on probate sales, modern method auctions, and the local landlord community.
