Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Average British House Price Reaches Record High of £375,000

by May 20, 2024
May 20, 2024
Average British House Price Reaches Record High of £375,000

The average British house price soared to a record high of £375,131 in May, as reported by Rightmove. This represents a 0.8% month-on-month increase, or £2,807, in the prices of properties coming to market.

Rightmove attributes this rise to pent-up demand from would-be buyers who had paused their plans last year. This increased activity among home movers persists despite mortgage rates remaining elevated longer than expected. The number of sales agreed in the first four months of the year was 17% higher compared to the same period last year.

May has traditionally been a strong month for price growth, with new price records set in May in 12 of the past 22 years. Since the last record in May 2023, average prices have increased by only 0.6% overall.

Tim Bannister, Rightmove’s director of property science, noted, “The momentum of the spring selling season has exerted enough upwards price pressure to reach a new record asking price.”

Rightmove forecasts that the number of completed house sales this year will reach around 1.1 million. However, the lengthy time required to complete a sale after finding a buyer remains a challenge for both agents and movers. On average, it takes five months between agreeing a sale and legal completion. Overall, it takes more than seven months from a seller coming to market to completing their move. Therefore, sellers hoping to celebrate Christmas in a new home should consider entering the market now.

In a positive development for the mortgage market, HSBC UK, Barclays, and TSB cut their mortgage rates last Friday.

These findings were released alongside a report from property firm Hamptons, which indicated that tenants renewing existing contracts in Britain typically saw their rent rise by an average of 8.3% over the 12 months to April, outpacing the 6.4% rental growth on newly let properties.

Aneisha Beveridge, head of research at Hamptons, explained, “Over the last two years, strong rental growth on the open market has meant that the gap between market rates and what some tenants were paying rose significantly. The large gap between market rates and what many tenants are paying is a big disincentive for them to move unless they have to. Moving increasingly means getting less home for more money. While time will eventually close the gap between what sitting and new tenants are paying, it may take longer if rental growth on the open market starts picking up again.”

As the market continues to evolve, prospective buyers and tenants alike are advised to stay informed about these trends and plan their moves accordingly.

Read more:
Average British House Price Reaches Record High of £375,000

0
FacebookTwitterGoogle +Pinterest
previous post
Lilac Review Uncovers Barriers Faced by Disabled Entrepreneurs, Proposes Solutions to Unlock £230bn in Business Turnover
next post
Business Subsidies and State Tax Climates

You may also like

Hunt plans overhaul of pensions tax to boost...

November 7, 2023

UK inflation cools to 3.4% in May as...

June 18, 2025

The IOD calls for Sunak to introduce Inflation...

March 7, 2023

OpenAI nears record-breaking $40bn funding deal as valuation...

January 31, 2025

Jeremy Mendelsohn: Building Success Through Passion, Persistence, and...

December 19, 2024

Lotus accelerates with record 2,200 sports cars produced...

August 10, 2023

Set up a company in Estonia: Europe’s Most...

October 30, 2024

Meta and Microsoft add $500bn in value overnight...

August 1, 2025

7 Forex Trends and Predictions to Watch in...

August 12, 2024

Strategic Procurement Consulting: Maximizing Cost Savings and Efficiency

July 15, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Brazil’s ex-president and major Trump ally Bolsonaro placed on house arrest

      August 6, 2025
    • Marjorie Taylor Greene urges Trump to commute George Santos’ federal prison sentence: ‘Far worse offenses’

      August 6, 2025
    • RFK Jr cancels $500 million in mRNA research, HHS to prioritize ‘safer’ vaccine alternatives

      August 5, 2025
    • Senate GOP ready to go nuclear after Schumer’s ‘political extortion’ of nominees

      August 5, 2025
    • Cotton calls on IRS to pull Muslim advocacy group’s nonprofit status

      August 5, 2025
    • One in Five ICE Arrests Are Latinos on the Streets with No Criminal Past or Removal Order

      August 5, 2025

    Categories

    • Business (8,677)
    • Investing (2,174)
    • Politics (16,315)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved