Rightmove’s House Price Index – May 2023

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Rightmove’s House Price Index for May 2023 is out and it’s showing some interesting trends in the UK property market, here is a summary of the key points from the Rightmove House Price Index report for May 2023 –

  1. 1The national average asking price for May 2023 is £372,894, which is a 1.8% monthly increase and a 1.5% annual increase. This is a new record high.
  2. 2The average price of property coming to the market has jumped by 1.8% this month, which is significantly higher than the historic average May rise of 1.0%.
  3. 3Agreed sales numbers are currently just 3% behind the last more normal pre-pandemic market of 2019.
  4. 4The discount from final asking price to agreed sale price has steadied at an average of 3.1%, reflecting home-mover confidence in the market outlook.
  5. 5There are signs of over-optimism in the top-of-the-ladder sector, with buyer demand 1% lower than in 2019 for these properties.
  6. 6Average mortgage rates are remaining steady despite another increase in the Bank of England base rate.
  7. 7The average discount from the final asking price to the agreed sale price has steadied at an average of 3.1%, in line with pre-pandemic market levels.
  8. 8The number of buyers enquiring to agents about homes for sale is now 3% higher than at this time in the last more normal market of 2019.
  9. 9The market is still very price-sensitive and it is important that new sellers do not damage their prospects of a sale by overpricing initially and reducing later.
  10. 10The report also includes views from agents and regional trends. Agents highlight the importance of accurate initial pricing and the continued demand for good homes in key residential areas. Regional trends show variations in price changes across different areas.

Please note that this is a summary and the full report contains more detailed information and analysis.

Your home may be repossessed if you do not keep up repayments on your mortgage

Source: https://www.rightmove.co.uk/news/content/uploads/2023/05/Rightmove-HPI-22nd-May-2023-Final.pdf

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