April’s Property Market Update

April has arrived with a welcome boost for the UK property market. According to Rightmove’s latest House Price Index, we’ve seen the first national record asking price in nearly a year, with the average property now listed at £377,182 – up 1.4% (£5,312) compared to last month.

This jump comes at a time when the market is more active than usual, even with a 10-year high in available homes for sale. Despite increased competition, buyer and seller confidence remains strong, with both groups appearing undeterred by the recent stamp duty increase introduced in England on April 1st.

Prices & Activity Trends

The rise in asking prices this April is slightly above the typical seasonal increase of 1.2%, which highlights the resilience of the market heading into spring. Rightmove reports:

• New buyer demand is up 5% compared to the same time last year
• New sellers entering the market is up 4%, showing growing seller confidence
• The number of sales falling through has remained steady, despite the stamp duty deadline

This suggests that while many rushed to beat the tax change, those who missed it are still committed to completing their moves.

Regional Divide

There’s a clear North-South divide emerging:

• The Northern regions are leading the way, with new price records and above-average demand.
• In contrast, the South East and South West are seeing slower growth.

Mortgages & Affordability

Although mortgage rates are still relatively high, some relief may be on the horizon. The average 5-year fixed mortgage rate is currently 4.72%, just slightly lower than last year’s 4.84%. Economists are predicting that the Bank of England could begin cutting rates as early as May, which would help improve buyer affordability and support continued momentum in the market.

What This Means for Sellers

With more stock available and buyers having greater choice, getting the price right first time is essential. Rightmove’s research shows that:

“Homes priced realistically from the start are more likely to find a buyer – and in less than half the time compared to those that reduce later.”

So while this spring market is full of opportunity, overpricing remains a key risk in what is still a price-sensitive landscape.

Final Thoughts

April’s figures tell a story of optimism and stability. Despite recent changes to stamp duty and economic uncertainty, both buyers and sellers are pressing ahead, and the market is responding with record prices and renewed energy.

If you’re thinking about moving or just curious what your home could be worth in this active market, it might be the perfect time to book a free, no-obligation valuation.