In March, property asking prices experienced their most significant surge in ten months, as reported by Rightmove. The listings website documented a 1.5% monthly increase in asking prices for newly-listed homes. Analysts speculate that this uptick might signal that the market has moved beyond its lowest point. However, despite the rise in prices, the average time to secure a buyer stands at 71 days, marking the highest figure for March since 2019.
According to the latest data from Rightmove, the average property asking price climbed to £368,118 in March. This represents a £13,000 increase since December. Nonetheless, asking prices remain £4,776 below their peak in May 2023. The observed rise this month stands as the most significant increase recorded by Rightmove in the past ten months, surpassing the historical average 1% rise typically seen in March over the last 22 years.
It’s noteworthy that all regions across the UK witnessed a rise in asking prices in March, with only three areas reporting lower prices compared to the same period last year. This shift can be attributed to an increase in both home buyers and sellers entering the market, according to the property website. Rightmove also noted a surge in buyer demand, evident through heightened enquiries to estate agents and stronger sales figures compared to a year ago.
