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UK house prices hit fresh high in May - Rightmove

Published 22/05/2023, 07:46
Updated 22/05/2023, 07:41
UK house prices hit fresh high in May - Rightmove

UK house prices hit fresh high in May - Rightmove

Sharecast - According to Rightmove’s latest house price index, average asking prices rose by 1.8% in May, the biggest so far this year and notably higher than May 2022, when they increased by 1%. It was also a notable improvement on April’s 0.2% increase.

As a result, the average asking price of a property coming to market now stands at £372,894.

Year-on-year, house prices were 1.5% higher.

Sellers were increasingly confident about asking prices, Rightmove noted, as the market continued to recover from the impact of last autumn’s disastrous mini budget. Buyer demand was also 3% higher than in May 2019, prior to the pandemic, while agreed sales were just 3% lower.

Tim Bannister, director of property science at Rightmove, said: "This month’s strong jump in new seller asking prices looks like a belated reaction and a sign of increasing confidence from sellers, as we’d usually see such a big monthly increase earlier in the spring season.

"One reason for this increased confidence may that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely: more likely the market will continue to transition to a more normal activity level this year following the exceptional activity of the pandemic years.

"Steadying mortgage rates and a generally more positive outlook for the economy are also contributing to more seller confidence."

Read more on Sharecast.com

Latest comments

House price data is just conflicting and manipulative. They cry rising prices to promote panic buying which becomes self fulfilling in higher demand and increased prices. The working class just suck it up by buying high and shooting themselves in the foot.
Higher asking price of larger properties coming on the market ? what matters is actual prices asrecorded at the Land Registry although 6 months out of date. RM needs EA to list on their portals so not surprising in the least.
The six months Land registry delay gives RM and others a chance to massage the data and keep the balloon inflated for as long as possible…
Yes, but how can we have so many conflicting projections on house prices, but it would make more sense for one survey.
No so sure it's anything to do with confidence. More to do with a lack of housing and a year-by-year increase in immigration of around 400,000. All need somewhere to live.
So now is the time for the government to have a real plannto increaee housing supply and to directly challenge BAD landlords and not sttack the rental industry as a whole! BtW I am not a landlord.
good!!
nice ☺️
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