North West Property Sees Highest UK Asking Price Surge in 4 Years

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The Spring Season Brings a Jump in New Listings on Property Portal

According to Rightmove, the spring home moving season has already kicked off as new sellers rushed to the portal to list a property the day before the Easter break.

On Thursday, 28th March, Rightmove saw the highest number of new properties listed for sale on the portal so far this year. It was the third biggest day for new listings since August 2020, as Boxing Day 2022 and 2023 had more homes listed on the portal on these days.

Compared to the previous Thursday, 45% more homes were added to the property portal thanks to this pre-Easter surge in listings.

This is good news for investors searching for buy-to-let opportunities or a buy-to-let portfolio for sale, thanks to more active sellers in the market.

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How Does the Property Market Look Currently?

2023 was characterised overall as a challenging year for the property market. However, some areas were affected more than others, with some regions avoiding the price dips amid the overall slowdown. The UK housing market in 2024 is recovering from last year’s subdued market, with asking prices up by 0.8% over the previous year. According to Rightmove, the average asking price across Great Britain is £368,118.

Tim Bannister, Rightmove’s property expert, said: “A huge number of new sellers came to market as we all geared up for the Easter break, all hoping to capture the attention of those buyers using the long weekend to home hunt alongside their Easter egg hunts. It’s still a price-sensitive market, so while the uptick in activity we’ve seen over the past few months is a positive sign, sellers still need to heed the advice from their agent on pricing competitively to help secure a successful sale.”

Learn More: If you’re wondering ‘How much does it cost to run a buy-to-let?’ or ‘What is BTL tax?’, check out our recent investment guides!

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North West Asking Prices Have Increased the Most in England Since 2020

A regional look at asking prices since 2020 shows a wide variation in the average change. For example, the North West saw a rise of 28% in asking prices in March 2024 compared to March 2020, while London saw a disappointing 8% increase in the same period.

According to Rightmove’s Spring 2024 analysis, Wales has seen the most significant change in asking prices since 2020, with a 29% rise bringing the average to £256,499. The North West region came in second, making it the highest increase in England. An increase of 28% has brought the average asking price in March 2024 to £257,185, compared to £201,199 four years ago. This is an increase of over £50,000.

The average for Great Britain was a percentage rise of 18%, making the average asking price now £368,118.

To learn more about the UK property market, take a look at our latest buy-to-let guides, covering topics such as buy-to-let property in Bedford and available investment property in Wallasey.

Author

Jessica Ferris

Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.