>> sales are up, average asking prices are up, and buyer confidence is up
With both buyer and seller activity improving, the UK property market is consistently showing positive signs of improvement. This is further supported by the Q1 report by TwentyCi (a property data insights and analytics company) that showed a “healthy availability for all property types and prices points”.**
The higher priced properties, often referred to as top-of-the-ladder, are part of the strongest growth, pushing average property asking prices up by 1.1% month on month with an increase of 20% in sales agreed in this part of the market. The average asking prices of properties coming to market now lies at £371,324, slightly behind May 2023’s record. This positive trend is further supported by the number of sellers coming to market - up by 12% compared to last year - and the number of sales agreed numbers are also up by 13%.*
>> what’s happening at a regional level?
Looking back on the first quarter of 2024, all regions experienced an increase in the number of sales agreed, with Scotland being the easiest place to sell a residential property while, perhaps unsurprisingly, Inner London ranks as the most difficult place to sell a property. Properties in Scotland sell within an average of 37 days, followed by the North East with an average of 60 days.* At the other end of the spectrum, Wales, East Midlands and the East of England take the longest to sell a property, currently taking 76 days, 73 days and 68 days respectively.*
In terms of changes in monthly asking prices, the Rightmove House Price Index reports that Scotland is showing an increase of 2.9%, followed by Wales (with 2.6%) and the South West (with 2.5%).*
>> your regional property market overview
| Region | Monthly change in asking price | Annual change in asking price | Average asking price |
| East of England | 1.1% | -0.8% | £419,922 |
| East Midlands | 0.0% | 0.1% | £287,022 |
| London | 1.4% | 2.8% | £696,120 |
| North East | 1.3% | 3.4% | £190,060 |
| North West | 1.0% | 2.9% | £259,649 |
| Scotland | 2.9% | 3.8% | £195,497 |
| South East | 1.8% | 0.7% | £487,350 |
| South West | 2.5% | 1.6% | £393,458 |
| Wales | 2.6% | 2.1% | £263,132 |
| West Midlands | 1.1% | 2.3% | £292,061 |
| Yorkshire & the Humber | 1.9% | 3.1% | £251,748 |
>>UK rental market snapshot:
Average rents across the UK are up by 1.6% bringing the average to £1,294 per month.^ This increase is the highest monthly jump since August 2021, and an annual change of +7.9%.^
In terms of annual changes, the West Midlands is showing the strongest growth in rental prices with +10.0%, followed by the North West with +9.3%, and Scotland with +9.1%.^ Slowest annual growth is taking place in Wales with +4.9% and the South West with 5.7%.^
| Average UK rent | £1,294 |
| Average annual change UK rent | 7.9% |
| Average month change in UK rent | 1.6% |
| Year-on-year growth in Scottish rent | 8.9% |
| Year-on-year growth in Welsh rent | 4.8% |
The current state of the UK property market offers opportunities for buyers, sellers, and landlords and if you want to know about what opportunities are available to you, we can help. Contact us today to speak to a local expert.
Correct at the time of publishing – 14/05/2024
Sources:
*Rightmove HPI, April 2024
**TwentyCi and TwentyEA Property and Homemover Report, Q1 2024
^HomeLet Rental Index, April 2024
MKT/CG/UKON/030524