Britain’s property market has hit a new milestone this April, with the average asking price of a home soaring to an all-time high of £377,182 — a jump of more than £5,000 in a single month.
According to figures released by Rightmove, the UK’s leading property website, asking prices have climbed by £5,312 or 1.4% since March, surpassing the previous peak of £375,131, recorded in May 2024. The rise is steeper than the usual seasonal bump for April, which typically averages around 1.2%.
The record comes in spite of changes to stamp duty that took effect on 1 April, making discounts less generous for certain buyers in England and Northern Ireland. Nonetheless, some relief has come from the mortgage front, with lenders such as Barclays trimming several fixed rates below 4% late last week — a move likely to buoy buyer sentiment further.
Colleen Babcock, property expert at Rightmove, noted that seller confidence is rebounding. “We’ve seen our first price record in nearly a year, despite the number of homes for sale being at a decade high,” she said. “The increased choice appears to be bringing more movers into the market, with both buyer and seller numbers on the rise.”
However, she cautioned sellers to remain grounded when setting prices: “Overpricing in such a competitive environment risks putting off serious buyers. Our research clearly shows that homes priced right from the outset are more likely to sell quickly and avoid reductions.”
Indeed, the surge in listings has created a paradox: while prices have reached new highs, buyers have become increasingly selective, with properties perceived as overpriced struggling to attract attention. Estate agents confirm that houses priced ambitiously without justification are seeing fewer viewings.
In more positive news, Rightmove indicated that the level of sales falling through since the stamp duty deadline has remained steady — a sign that buyers are largely sticking with deals, even if they narrowly missed tax savings. Furthermore, the buyer completion queue, which ballooned during March due to the rush to meet the tax deadline, has now eased for the first time since the pandemic spring of 2020.
Interestingly, a North-South divide is emerging. Midlands, Northern England, Wales and Scotland are all seeing above-average increases in buyer demand compared to this time last year. However, the more expensive South West and South East are showing muted growth, with potential buyers proving more hesitant.
In London, the picture is more complex. While buyer demand has actually dropped compared to a year ago, prices have nonetheless hit a new capital record, driven by strong performance in inner boroughs. The average London asking price now stands at £699,200.
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However, analysts warn that London remains more exposed to global economic shocks, including newly announced US tariffs, which could slow momentum. Should the Bank of England respond with base rate cuts — as some economists now expect — this could further reduce mortgage rates and bolster affordability.
Local agents are reporting a brisk market, albeit a cautious one. Phill Sandbach, director at John German in the Midlands, said: “March was frenetic, but April has continued strongly. We’re seeing high levels of valuations and offers across the board.”
Meanwhile, Alex Caddy of Clarkes estate agency in Dorset noted a split in buyer behaviour: “Sellers not in a rush are testing higher prices, but viewings are noticeably fewer for those homes. Buyers remain price-sensitive.”
As spring and summer — traditionally the most active seasons in the housing calendar — gather pace, Nathan Emerson, chief executive of Propertymark, added: “We now enter a crucial period. If mortgage rates fall further, it may provide the boost needed to sustain the market’s current momentum.”
In a housing market shaped by tax shifts, rate speculation, and regional disparities, one thing is clear: Britain’s property sector is anything but predictable.
