Average property prices rise says Rightmove

The average price of property coming to the market for sale rises by 1.4% (+£5,312) this month to a new record of £377,182, Rightmove data shows. This is the first monthly price record since May 2024, with asking prices and activity typically higher during the spring season.

In a sign of continuing market resilience, this month’s price increase is larger than the average April increase of 1.2%, despite the number of available homes for sale remaining at a 10-year high for the time of year. New buyer demand was 5% higher than at the same time last year, and the number of new sellers coming to market was 4% higher.

Average asking prices in London reached a new record this month, driven by inner London. With London typically being more exposed to the impacts of geopolitical tensions, as well as currently seeing weaker demand trends, we may see this price trend fall back. The effects of President Trump’s tariff announcements have been unfolding, but the portal says it’s too early to tell what the repercussions may be on the UK property market. However, one potential impact of the announcements is that mortgage rates could drop more quickly, boosting buyer affordability.