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2w ago

UK Housing Market Hits Record High with £377,182 Average Asking Price in April

A 1.4% monthly increase defies reduced stamp duty benefits, bolstered by easing mortgage rates and regional market shifts.

A view of the Canary Wharf financial district and residential houses in London, Britain, January 23, 2025. REUTERS/Hannah McKay/File Photo
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Rightmove’s data suggests that would-be house buyers have continued with their purchases even if they missed the stamp duty deadline
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Overview

  • The average asking price for UK homes reached a record £377,182 in April, a £5,312 increase from March and 1.3% higher than a year ago.
  • This surge comes despite less generous stamp duty discounts introduced on April 1, which were expected to temper market activity.
  • Easing mortgage rates, with some lenders like Barclays offering rates below 4%, are helping to offset affordability pressures for buyers.
  • Regional trends show stronger growth in the Midlands and northern England, while London hit a record £699,200 average despite weaker buyer demand.
  • Global market volatility, including U.S. tariff announcements, has heightened expectations for further Bank of England rate cuts, potentially influencing future mortgage rates.