Average Property Prices in Great Britain Reach Record High in May 2024

According to Rightmove, the average asking price of a British home hit a new record in May 2024, surpassing £375,000 for the first time.

Since the start of the year, asking prices in Great Britain have been slowly climbing monthly, suggesting confidence among sellers. The property portal has suggested that this house price boost is indicative of the spring period, typically the busiest time of the year for the property market, leading to house price growth.

They also suggest pent-up demand from those who have put off moving plans or searching for buy-to-let investment properties in previous years when the market was more challenging.

The price increase is mostly driven by larger homes, which Rightmove characterises as ‘top-of-the-ladder’. This includes 4-bedroom detached properties and homes with 5 bedrooms or more. The number of agreed sales in this sector of the market increased by 24% in the first four months of 2024 compared to the same period in 2023.

So, are larger properties the best property to invest in? Looking at the average for the broader market, sales are up by 17%, so demand is up across the board. However, this does imply more demand for bigger homes in the current market.

Tim Bannister from Rightmove said: “The momentum of the Spring selling season has pushed average asking prices to a new record, and the top-of-the-ladder sector is still leading the way. However, it’s important to remember that prices overall are still only 0.6% ahead of this time last year.

The market remains price-sensitive, and with average asking prices reaching new records in most regions, and mortgage rates remaining elevated, affordability for many home-buyers is still stretched.”

To find out more about the UK property market, check out our latest buy-to-let area guides, which cover topics such as Swansea investment properties and Dagenham investment properties.