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Latest: May property market report

12 days ago
Latest: May property market report

One thing that fills the property market with optimism is better weather. It’s a weird correlation but we see an uptick in activity when conditions are more clement. While it’s not full-on summer just yet, spring conditions have woken home movers from their winter slumber.   

Rightmove’s April House Price Index measured just how active the market has become. In the last month, the average asking price of a newly-listed property increased 1.1%. This means the new average asking price is £372,324.  

Better choice of properties for sale

As well as an increase to asking prices, the number of homeowners feeling confident enough to sell is on the up. The portal found new instructions in April increased 12% compared to the same month in 2023. The busiest part of the sales market was the top-the-ladder, large homes sector.   

More sales reaching completion

A buoyant market can only be called when the number of offers accepted is as healthy as the number of new homes being listed. There is good news on this note. Rightmove also registered a 13% increase in the number of sales being agreed – far better than spring 2023’s figure.   

Zoopla also had news that will further boost the mood of the home moving masses. It says the current supply of homes for sale is at a five-year high. In fact, the portal says there are 20% more homes on the market now compared to a year ago.  

When it comes to the UK’s current average property value, Zoopla’s April House Price Index puts this at £264,500. This represents an increase of 0.1% compared to the previous month. Prices had risen the most in Belfast, Glasgow and Sheffield.  

In contrast, the Nationwide’s latest House Price Index shows the UK’s average house price fell by 0.4%. It does, however, have the UK’s average house price at a similar level to Zoopla. This, according to Nationwide, is £261,962.  

When Rightmove reported on the UK’s rental market, it found rents were still hitting record highs. The portal’s figures illustrated how every region in the UK saw rents increase. Annual rent rises were the most pronounced in the West Midlands, with a 10.3% figure recorded.  

Annual rent rises across the board

Scotland and the North East also posted substantial annual rent rises – both 9.8% dearer now when compared to April 2023. It also became 6.5% more expensive to rent a property in Wales. Even rents in London crept up, rising by 5.3% over the last year.   

Yields have also increased

The latest Rental Index from HomeLet shows us whether annual rent rises will be sustained into the future. Its latest figures show the UK’s average rent increased by 0.9% during its most recent monthly monitoring period. This leaves the UK’s average monthly rent at £1,273.  

If sustained rent rises are spurring you on to make a property investment, there is encouraging news when it comes to yields. A report published by Property Industry Eye found the average rental yield across Britain increased from 4% to 4.5% over the last 12 months. The strongest yield was found in Scotland, at 5.4%.  

This was followed by yields in the North East (4.8%) and the North West (4.6%). The biggest annual increase in yield was seen in the South West, increasing from 3.3% to 3.9%. Specifically, the best yields are reserved for towns in the North, with figures of 11.6%, 11.8% and 12.8% being achieved in certain Manchester, Bradford and Leeds postcodes, respectively.  

If you would like to know more about your local property market, please get in touch.

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