April's new record asking price
with resilient activity despite stamp duty increase
Key takeaways
The average price of property coming to market for sale rises by 1.4% (+£5,312) this month to a new record of £377,182. This is a larger-than-usual April price increase, despite a decade-high number of homes for sale for the time of year.
Mover activity remains resilient with new buyer demand up by 5% versus last year and the number of new sellers coming to market up by 4%.
However, some segments and sectors of the market are performing more strongly than others - All Midlands and Northern regions are at new price records this month, while the South East & South West lag behind.
Over the last 12 months the average sales price in Bristol was £362,485
Prices
Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592 nationally, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters.
Over the last 12 months the average sales price in Bristol was £362,485.
33% of sales in the past 12 months were flats, achieving an average sales price of £273,102. Houses achieved an average price of £417,548.
Demand
There were 65,647 mortgage approvals in September which is 49% higher than a year ago (Bank of England). The reading of new buyer enquiries in the October RICS survey was +12%, marking the fourth successive report in which the indicator has returned a positive reading.
Home buyer demand is up 26% on this time last year (Zoopla).
Annual rent inflation for new lets is running at its lowest level for 3.5 years
Rents have increase by 3% over the last year, down from 7.4% a year ago
The supply and demand balance is narrowing, with 11% more homes available for rent, while rental demand is now 17% lower than it was a year ago
We hope that was useful and informative. As always, our teams are here to help, get in touch with any questions about your local property market, and to discuss your home move considerations.
If securing a new mortgage or arranging a re-mortgage is important for you right now, click here to book an online consultation, our mortgage brokers are independent, and their services are free to you.
Finally, if you are (understandably) confused by some of the mixed market reporting, not least by some of the more sensational news reporting each month, click here for some independent insight into how House Price Indexes are compiled.
Sources: Rightmove, Zoopla, On the Market, Dataloft by Price Hubble, Land Registry, ONS National House Price Index, DLUHC.