>> the average price of newly marketed properties has seen a modest increase of 1.1%, now standing at £372,324.*
If you're looking to buy or sell, it's crucial to understand the current climate. Property asking prices have climbed by 1.5% in March and 1.1% in April to an average of £372,324. The March increase surpassed the usual rise for March, while April is in line with the 10-year average.* Additionally, there's a 13% spike in sales agreed when compared to the previous year and an 8% increase in buyer interest.* But, finding a buyer still takes an average of 67 days (excluding Scotland, where the current average time to find a buyer takes 37 days), exemplifying that the market is still adjusting to various influences.*
>> what’s happening at a regional level?
Most regions across the UK have reported monthly increases in asking prices. The East Midlands is the only region that levelled off at 0.0% month-on-month, while also experiencing a slight decrease of -0.8% year-on-year. South West and Yorkshire and the Humber experienced fairly strong monthly growth with 2.5% and 1.9%, respectively.*
Scotland stands out for its swift average selling time of 37 days, significantly ahead of other regions. Both its monthly and yearly increases in asking prices are robust, with a 2.9% and 3.8%, respectively, with current average asking prices being £195,497.*
In Wales, the property market is showing a steady growth with a 2.6% monthly increase and 2.1% yearly increase in average asking prices, which now stand at £263,132. The average time to sell is approximately 76 days.*
>> your regional property market overview
| Region | Monthly change in asking price | Annual change in asking price | Average asking price |
| East of England | 1.1% | -0.8% | £419,922 |
| East Midlands | 0.0% | 0.1% | £287,022 |
| London | 1.4% | 2.8% | £696,120 |
| North East | 1.3% | 3.4% | £190,060 |
| North West | 1.0% | 2.9% | £259,649 |
| Scotland | 2.9% | 3.8% | £195,497 |
| South East | 1.8% | 0.7% | £487,350 |
| South West | 2.5% | 1.6% | £393,458 |
| Wales | 2.6% | 2.1% | £263,132 |
| West Midlands | 1.1% | 2.3% | £292,061 |
| Yorkshire & the Humber | 1.9% | 3.1% | £251,748 |
>>UK rental market snapshot:
The rental market continues to experience growth, with an annual increase of 7.5%, setting the average UK rent at £1,273 per month.^ Scotland is witnessing the fastest annual rental growth at 8.9%. London’s and Wales’ growth is slightly behind, yet still strong, with both experiencing an annual growth of 6.2% and 4.8%, respectively.^
| Average UK rent | £1,273 |
| Average annual change UK rent | 7.5% |
| Average month change in UK rent | 0.9% |
| Year-on-year growth in Scottish rent | 8.9% |
| Year-on-year growth in Welsh rent | 4.8% |
Want to know about what’s currently happening in the property market or are looking for a new property? Contact us today to speak to a local expert.
Correct at the time of publishing – 26/04/2024
Sources:
*Rightmove HPI, March and April 2024
^HomeLet Rental Index, March 2024
MKT/CG/UKON/210424