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current property market trends

for buyers and sellers

>> the average price of newly marketed properties has seen a modest increase of 1.5%, now standing at £368,118.*

If you're looking to buy or sell, it's crucial to understand the current climate. Property prices have climbed by 1.5% to an average of £368,118, surpassing the usual rise for March.* 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 now takes longer than any time since 2019, a clear signal that the market's still adjusting to various influences.


>> what’s happening at a regional level?

All regions across the UK have reported monthly increases in asking prices. The East Midlands is at the forefront with a rise of 2.7%, resulting in an average property price of £287,145. Following closely is the South West with a 2.4% increase, bringing the average property price to £383,889.*

Scotland stands out for its swift average selling time of 43 days, significantly ahead of other regions. Although the monthly increase in asking prices is a modest 0.5%, the annual growth remains robust at 4.2%, with the average asking price now at £190,067.*

In Wales, the property market is showing a steady trend with a 0.3% monthly increase in average asking prices, which now stand at £256,499. The year-on-year change remains the same, and the average time to sell is approximately 82 days.*

 

>> what’s happening at a regional level?

Region  Monthly change in asking price  Annual change in asking price  Average asking price 
East of England 1.6% -0.2% £415,199
East Midlands 2.7% 1.0% £287,145
London 0.6% 0.9% £686,844
North East 1.7% 2.0% £187,592
North West 0.8% 2.6% £257,185
Scotland 0.5% 4.2% £190,067
South East 1.5% -0.7% £478,936
South West 2.4% -0.3% £383,889
Wales 0.3% 0.0% £256,499
West Midlands 1.8% 2.4% £288,945
Yorkshire & the Humber  1.5% 2.4% £247,054
Source: Rightmove HPI, March 2024

 

>>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%
Source: HomeLet, March 2024



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 – 16/04/2024

Sources:

*Rightmove HPI, March 2024

^HomeLet Rental Index, March 2024

MKT/CG/UKON/210424