LONDON (Reuters) – Costs of houses being put up on the market in Britain have hit file highs regardless of nonetheless costly mortgage prices, however the tempo of positive factors has slowed, in keeping with information from property web site Rightmove (OTC:).
The typical asking worth for residential properties touched 375,131 kilos ($474,578.23) within the 4 weeks to mid-Could, Rightmove mentioned.
Nevertheless, the 0.8% improve in month-on-month phrases represented the weakest rise up to now in 2024.
Costs had been solely 0.6% larger when put next with the identical interval final yr.
Britain’s housing market slowed final yr as larger borrowing prices weighed available on the market however it has proven indicators of selecting up in latest months as falling inflation boosts family incomes and raises the prospect of rate of interest cuts.
Tim Bannister, Rightmove’s director of property science, mentioned the momentum of the spring promoting season was not an indication of a return to sturdy demand.
“The market stays price-sensitive, and with costs reaching new data within the majority of areas and mortgage charges remaining elevated, affordability for a lot of home-buyers continues to be stretched,” Bannister mentioned.
Rightmove mentioned asking costs rose by essentially the most – up 1.3% in annual phrases – within the excessive finish of the market.
($1 = 0.7905 kilos)