Record high house prices reported for this month
May 26, 2024 by Alan
House Prices
According to the new house price index published by Rightmove, the average home prices for sale in the property market this month has reached a new record high, at £375,131.
In addition to being the highest average figure noted since records began, this also represents a sizeable increase on the figure for the month before. It puts average prices 0.8% higher than they were in April, which amounts to a difference of £2,807.However there are factors that need to be borne in mind when assessing what this means for the market.
The most significant of those is the fact that May has traditionally been a month with healthy house price growth. When data for the last 22 years is examined, May has seen new records established for average prices in 12 of them.
If we look at what areas of the housing market are experiencing the highest growth, it is large properties at the upper end of the market. Here there has been price growth of 1.3% on average in comparison to May of 2023. For the market overall, the growth compared to this month last year is 0.6%.
Tim Bannister from Rightmove spoke to Mortgage Strategy about the figures and pointed out that they confounded negative expectations about the market:
“However, the momentum of the spring selling season has exerted enough upwards price pressure to reach a new record asking price.”
There are lots of signs for those with CeMAP mortgage advisor training that the property market is regaining its health.
Written by
Alan
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