The latest housing market data published by Rightmove shows that there has been a significant rise in the average price of a house in the UK during May, in comparison to the month before.
According to that data, the average price across the UK this month is £372,894, which marks a record and is also an increase of 1.8% on the figure for April. The House Price Index that Rightmove publishes shows that it is the largest price increase seen since the start of 2023, as well as being notably greater than the average price rise typical for May, which is 1%.
Among the reasons that are being given for the scale of the month-on-month price rise during May is a delayed reaction within the property market to a level of activity throughout 2023 so far that has been greater than anticipated.
When looked at on an annual basis, the price rise in May took average prices to 1.5% more than they were at the same point in 2022. However, Rightmove is also reporting that the number of agreed property sales is still lagging behind the figure for 2019, which was the last year before the COVID-19 crisis. It is currently 3% below the figure for that time.
Tim Bannister from Rightmove said that the market should be expected to stabilise at a more standard level, compared to the peaks seen before the pandemic.
Advisors who have done the CeMAP training course will want mortgage rates to stabilise too over the next few months.