House prices see biggest increase in 10 months By Proactive Investors
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Published Mar 18, 2024 08:44
Updated Mar 18, 2024 09:22
© Reuters. House prices see biggest increase in 10 months
Proactive Investors – Average asking prices for residential properties rose 1.5% in the four weeks to 9 March, according to the latest data from Rightmove.
It marks the strongest four-week increase in house prices in 10 months, even though they remain below their May 2023 peak.
According to Rightmove, the average UK asking price is now £368,118.
Rightmove noted that the average time period to find a buyer has extended to 71 days, a five-year seasonal high.
“Sellers are right to feel more confident and optimistic this year, but buyer affordability remains stretched and higher mortgage rates are an ongoing challenge,” commented Tim Bannister, Rightmove’s director of property science.
Mortgage rates have moved higher in recent weeks, with NatWest Group PLC (LON:NWG) joining Santander (BME:SAN) and The Co-Operative Bank in being the latest lenders to announce rate hikes.
House prices see biggest increase in 10 months
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