Property News & Views

What's happening to house prices?

04th May 2023

I came across this article by Rightmove April 2023 predicting where prices might go. I agree the property market is much more settled now with the effects of the September 2022 Mini Budget now well in the long grass. 

Spring is traditionally the busiest season of the year for the property market. It’s when we usually see the highest number of homes listed for sale, as well as more people looking to move than during the rest of the year.  

And so, we often see average asking prices rise around now too. This is because sellers putting their homes on the market are doing so when there’s more competition from buyers. This month, the average house price in Great Britain edged up 0.2%, to £366,247. But this is still below the average rise we normally see at this time of year. 

This increase reflects what’s happening with average asking prices on a national scale, so there will be variations in how they’ve changed in different locations across Great Britain.

MonthAverage asking priceMonthly changeAnnual change
April 2023£366,247+0.2%+1.7%

SectorApril 2023Monthly changeAnnual change
First time buyers£224,963+0.2%+2.0%
Top of the ladder£666,566+1.2%+1.7%

You can check the average house price in your region this month, by taking a look at our House Price Index. 

We’ve seen a smaller average monthly price rise than we normally see at this time of year. This indicates that sellers putting their homes on the market are acting on their agents’ guidance to price their home realistically in order to find a buyer.  

Our property expert, Tim Bannister, says: “Estate agents are reporting that while sellers in recent years might have seen multiple bids on their home, many understand the need to tempt Spring buyers with a competitive price in the current housing market. The unexpectedly stable conditions we’re seeing now may attract more sellers who had been considering a move in the last few years, but had been put off by the market’s frenetic pace.”

We’re in a more settled property market than the extremely busy pandemic years, but people who are keen to find a new home are pressing on with their moves. This month we’ve seen the number of homes marked ‘sales agreed recover after their slump following September’s mini-Budget. And demand from home-buyers is up 8% on the same period in 2019.  

“Those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed is now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019,” says Tim.


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