This month, the average listing price for properties entering the market reached £368,118, a figure reported by Rightmove’s latest figures.
The analysis, focusing on the initial pricing of homes newly listed, highlighted a 1.5% increase for March. This increment signifies that the standard listing price has climbed by £5,279 compared to last month.
The 1.5% price surge observed this month surpasses the typical 1% rise historically recorded in March, marking the most significant monthly price jump in nearly a year. Nonetheless, the average listing price currently trails the peak of May 2023 by £4,776.
Since the onset of March, the volume of sales agreements has seen a 13% uptick compared to the same timeframe last year. This increase is primarily led by the sector at the higher end of the market, which is less affected by mortgage rate changes, recording an 18% rise in agreed sales compared to the previous year.
The demand for larger, more expensive homes has notably spurred more potential buyers to engage with real estate agents than last year during the same period. Buyer interest in these premium properties has risen by 12% in March, against an 8% increase across all types of properties.
London has experienced the most significant uptick in buyer interest, both in general and specifically for higher-end properties, relative to last year.
The current average duration to secure a buyer stands at 71 days, the longest for this season since 2019. Real estate agents note that while properties priced attractively are being snapped up quickly, those listed at higher prices linger longer on the market, extending the average time needed to find a buyer.
