House prices crept up as busy spring gets underway, says property site

SPRING is traditionally the busiest season of the year for the property market – but house prices have risen more slowly than normal, according to property site, Rightmove.

The market sees an increase in homes being put up for sale in the spring, with more people also looking to move than during the rest of the year.

So, the firm said, it often sees average asking prices rise because sellers putting their homes on the market are doing so when there’s more competition from buyers.

However in April, it said the average house price in Great Britain edged up by 0.2%, to £366,247 – below the average rise in spring.

Rightmove property expert, Tim Bannister, said: “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.”

He said currently it was a ‘more settled property market than the extremely busy pandemic years’, but people who are keen to find a new home pressing on with their moves.

“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 12 days more quickly than at this time in 2019,” said Tim.

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