The typical asking price of a property for sale has risen more than £5,000 this month to £377,182, new data reveals.

Rightmove said average asking values rose by £5,312 or 1.4% in April, which is larger than the average April increase of 1.2%.

This is despite the number of available homes for sale remaining at a ten-year high for this time of year.

Stamp duty changes

It follows the end of the stamp duty holiday at the end of last month.

Rightmove claimed this month’s figures suggested that the higher stamp duty hadn’t deterred most movers seeing through their purchase.

However, it acknowledged that there had been a shift in the market, with it becoming a buyers’ market.

Colleen Babcock, of Rightmove, warned new sellers to be careful when setting asking prices, saying: “The high level of supply in the market right now means that buyers are likely to have plenty of homes in their area to choose from, and an overpriced home will stick out for the wrong reasons.

“Our research also shows that getting the price right the first time is key. Homes that don’t need a reduction in price are more likely to find a buyer, and to find that buyer in less than half the time.”

Economic challenges

Meanwhile, Nathan Emerson, of Propertymark, said: “It is encouraging to witness the housing market continue to deliver growth, despite the increasingly complex economic challenges we face at the moment.

“Although the rush from many people in England and Northern Ireland to beat Stamp Duty threshold changes has now concluded, we now progress into the spring and summer months, which typically deliver strong momentum for the sector.

“We remain in a position where inflation is on a potential uneven footing, and this may impact any decision the Bank of England might make regarding interest rates when they next meet on May 8.”

Tomer Aboody, of lender MT Finance, added: “So far this year it has been a positive few months for the housing market with transaction levels improving, although still below pre-pandemic levels. This comparatively subdued activity illustrates how big an impact higher interest rates have had on the market and sentiment.

“All eyes are on the Bank of England to see whether there will be a further reduction in May, with any assistance here likely to boost activity now that the stamp duty concession has ended. Indeed, buyers may await further reductions before making their move."

‍