Spring Housing Market Hits Record High

  • May 21st 2024

The average asking price for homes in Great Britain has reached a new peak this month, climbing to just over £375,000, a 0.8% increase.

Spring is traditionally the busiest season for the housing market, often leading to price increases. This year, we've observed a consistent rise in average asking prices each month since January, indicating strong confidence among new sellers about finding buyers.

This price growth is primarily driven by larger homes, particularly those with five or more bedrooms and four-bed detached houses. The trend mirrors last month’s pattern, with more listings in this market segment as people resume moving plans delayed in previous years. Sales of top-tier homes have surged by 24% in the first four months of this year compared to the same period in 2023, while overall market sales have increased by 17%.

Lifestyle changes continue to influence the housing market. Rightmove’s Tim Bannister, concurs: "The momentum of the Spring selling season has driven average asking prices to a new record, particularly in the top-of-the-ladder sector. However, it's important to remember that overall prices are only 0.6% higher than this time last year. The market remains price-sensitive, with affordability stretched due to high mortgage rates and record asking prices in most regions."

National Average Asking Price

The national average asking price in May 2024 is £375,131, up from £372,324 in April. In terms of specific market segments, first-time buyers are seeing a 0.4% monthly increase to £228,003, while second-steppers have a modest 0.2% rise to £343,268. The top-of-the-ladder homes have experienced a significant 1.6% increase, reaching £693,791.

Homes priced correctly initially find buyers much faster (32 days) compared to those with reduced asking prices (112 days).

We will work with you to set up a realistic price to successfully sell your property.

Current Moving Timelines

On average, it takes 62 days to find a buyer. However, completing the sale and handing over the keys extends the process to 154 days or about five months.

If you are considering selling your property, speak with one of our property experts today by calling us on 0116 266 9977.

You can also start your selling journey by getting a FREE property valuation by visiting: