The UK property market has made a confident start to spring, with the average asking price of a home reaching a new record high. This comes despite the end of the temporary stamp duty relief at the beginning of April, demonstrating that both buyers and sellers remain active and engaged.

According to the latest figures from the April House Price Index, the average asking price for a UK property now stands at £377,182. This represents a monthly increase of 1.4 per cent and an annual rise of 1.3 per cent. Buyer demand has grown by 5 per cent compared to this time last year, while the number of new sellers entering the market has increased by 4 per cent year-on-year¹. Stock levels are now the highest for this time of year in over a decade.

The scale of this month’s price increase exceeds the usual seasonal uplift typically seen in April. Analysts attribute this to renewed buyer confidence, increased property listings and the continued resilience of the market in the face of wider economic changes¹.

While buyers have more choice, competition remains strong. Homes that are priced correctly from the outset are significantly more likely to attract early interest and progress to completion without price reductions. Sellers are therefore advised to seek accurate valuations and work closely with their estate agents to ensure they are aligned with local market expectations.

Across the Midlands, Northern England, Wales and Scotland, buyer demand has outpaced the national average, and these regions have recorded new local price highs. By contrast, more modest price growth has been seen in the South East and South West, where higher property values continue to meet affordability limits¹.

In London, a new record in average asking prices has also been reached, despite a slight drop in buyer demand compared to April 2024. However, this trend may be temporary, given the capital’s exposure to broader economic and geopolitical conditions¹.

Encouragingly, the recent increase in stamp duty has not resulted in a noticeable rise in sales falling through. In fact, the backlog of pending completions decreased by 4 per cent in March, marking the first time such a drop has occurred during that month since 2020. This suggests that buyers have remained committed to their plans, even if unable to complete before the tax change¹.

This trend reflects the underlying strength of demand and the continued appeal of home ownership, particularly in light of a growing supply of properties and seasonal optimism.

If you are considering buying or selling this year, the current market conditions present an encouraging outlook. For buyers, an increase in available properties offers more choice and the potential for negotiation. For sellers, there is a clear advantage in pricing accurately and preparing homes to a high standard in order to attract serious interest.

Whether you are planning to move or simply want to explore your options, we are here to provide expert guidance tailored to your circumstances. We can help you assess your affordability, explore how much you could borrow, and support you throughout your home-buying journey.

For a confidential conversation about your plans, please feel free to get in touch.

Contact the team on 01565 874 246
Email: hello@malloryfinancial.co.uk