April Market Update

March madness? Perhaps. We look back at the property market over the last four weeks, reporting on the figures, announcements and news that will affect home movers. Here’s what we learnt.

1) Average asking price increased: the traditional spring bounce was evidenced by Rightmove, who found the average asking price in March increased by 1.1%. The average new-to-market home is now advertised at £371,870.

More choice for buyers

2) A decade high: also in Rightmove’s March report was news on property availability. An 8% increase in the number of new sellers coming to market means the choice for buyers is the best since 2015.

Sold prices inched upwards

3) Prices rising: the most recent Halifax House Price Index revealed property values are increasing at a higher rate than in 2024 but by marginal amounts. The UK’s average house price increased by £100 between January and February. The bank said the average value was now £267,500.

4) Regional variations noted: prices are increasing most strongly in Scotland. Annual growth was 2.5% in January but this jumped to 3.8% in February. Year-on-year values were also up 2.8% in Wales and 1.6% in London. England’s best performer was Yorkshire & Humberside, with an annual price increase of 4.1%.

5) The distance between us: research by Reallymoving discovered how far people move from their existing address. Those in the North East and North West moved the shortest distance – an average of 8 miles. East of England movers travelled an average of 17 miles, with those in the South East and South West relocated 14 and 15 miles, respectively.

6)  Terraced comes out on top: March also saw the Halifax declare which house type had increased most in value over the last year. In pole position was the terraced house, whose value increased by 4.5%. In second place was the detached property (4.1%), followed by the semi-detached home (3.8%). Flats experienced the lowest value growth (3.2%).

7) Rents return to higher levels: after four consecutive monthly falls, the UK’s average rent increased. HomeLet’s newest index found rents for new tenancies jumped 0.3% during its latest reporting period. A new tenant now pays an average of £1,275 per month.

8) Some regions outpacing others: the East of England (1.3%) and the North East (1.2%) posted the largest monthly rental increases. Rents didn’t change in Greater London, Yorkshire & Humberside and in the North West. The West Midlands had the biggest year-on-year rental growth, at 7.4%.

Rental market active but cooling

9) Demand & supply rebalancing: Zoopla’s March rental report found tenant demand had waned across all UK regions over the last year. This was balanced by 11% more rental homes becoming available. Despite this, 12 renters are still chasing each property.

10) Landlords opt for limited status: instead of exiting the market, many landlords are seeking tax efficient ways of operating. Becoming a limited company is a popular path to follow. Companies House data shows landlords are now the largest single business type in the UK. 

Muted news elsewhere 

11) Big announcements keep the status quo: March contained three major finance announcements. The Bank of England held the base rate at 4.5% and inflation fell to 2.8%. Elsewhere, the Chancellor’s Spring Statement failed to address any pressing property concerns. 

12) Essex town tops the list: the annual Sunday Times Best Places to Live guide was released in March. Taking the top spot was Saffron Walden. Its blend of history, schooling, commuter links, food scene and cultural assets impressed the judges. North Berwick was crowned the best place to live in Scotland and the Gower Peninsula was the Welsh winner.

If you would like to know more about your local property market, please get in touch.