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Average Property Prices in Great Britain Reach Record High in May 2024

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    Busy Spring Leads to a Jump in House Price Growth

    According to Rightmove, the average asking price of a British home hit a new record in May 2024, surpassing £375,000 for the first time.

    Since the start of the year, asking prices in Great Britain have been slowly climbing monthly, suggesting confidence among sellers. The property portal has suggested that this house price boost is indicative of the spring period, typically the busiest time of the year for the property market, leading to house price growth.

    They also suggest pent-up demand from those who have put off moving plans or searching for buy-to-let investment properties in previous years when the market was more challenging.

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      Asking Prices Hit Record-Breaking High

      The average asking price in May 2024 is £375,131, constituting a monthly change of +0.8% and an annual change of +0.6%. The average last month was £372,324, a monthly change of +1.1% and a yearly change of +1.7%.

      This shows that while growth has slowed slightly from last month, the continued upward trend was enough to push the average asking price into record-breaking territory.

      Rightmove’s latest report also states that it takes an average of 62 days to find a buyer. Their analysis suggests it is important to price realistically when bringing a property to the market. It takes over three times as long to secure a buyer after an asking price reduction (112 days) compared to a home priced right from the outset (32 days). Learn more about how to invest in property with our free property guides.

      Further Reading: Learn more about topics such as investment property for sale in Birmingham and real estate investment in London.

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      Demand is Up for Larger Properties

      The price increase is mostly driven by larger homes, which Rightmove characterises as ‘top-of-the-ladder’. This includes 4-bedroom detached properties and homes with 5 bedrooms or more. The number of agreed sales in this sector of the market increased by 24% in the first four months of 2024 compared to the same period in 2023.

      So, are larger properties the best property to invest in? Looking at the average for the broader market, sales are up by 17%, so demand is up across the board. However, this does imply more demand for bigger homes in the current market.

      Tim Bannister from Rightmove said: “The momentum of the Spring selling season has pushed average asking prices to a new record, and the top-of-the-ladder sector is still leading the way. However, it’s important to remember that prices overall are still only 0.6% ahead of this time last year.

      The market remains price-sensitive, and with average asking prices reaching new records in most regions, and mortgage rates remaining elevated, affordability for many home-buyers is still stretched.”

      To find out more about the UK property market, check out our latest buy-to-let area guides, which cover topics such as Swansea investment properties and Dagenham investment properties.

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      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.