he spring selling season has seen UK property prices reach record highs in May, with average prices rising by £2,807. According to Rightmove, the average property price now stands at £375,000, a 0.8% increase from last month.
May is historically a strong month for property price growth, with new records set in 12 of the past 22 years. Despite rising mortgage rates and the Bank of England maintaining interest rates at 5.25%, the housing market sentiment has improved significantly.
Sales agreed in the first four months of this year have surged by 17% compared to last year, surpassing the 12% increase in new sellers entering the market.
If you’re in Huddersfield and considering selling your home, now is an excellent time to get a property valuation. With market activity on the rise, take advantage of this optimal selling period. Contact us for a free, no-obligation valuation to maximise your property’s potential.
What does Rightmove say?
Rightmove released a statement, saying: “Price growth is still led by the largest-homes, top-of-the-ladder sector, with prices in this sector up by an average of 1.3 per cent compared with last year. However, since the last price record set a year ago in May 2023, average prices are only 0.6 per cent higher overall, a reminder that the market remains very price-sensitive.”
Tim Bannister, Rightmove’s director of Property Science, said: “Some predicted that property prices would suffer sharp falls and take a while to recover following the Bank of England increasing the Base Rate up to 5.25 per cent, where it has remained since August 2023. However, the momentum of the Spring selling season has exerted enough upwards price pressure to reach a new record asking price. The top-of-the-ladder sector is still leading the way, while from a regional perspective the North East, with the cheapest average prices in Great Britain, has seen the strongest price growth.”
Tim Bannister concluded by saying: “It’s important to remember that prices overall are still only 0.6 per cent ahead of this time last year. The market remains price-sensitive, and with prices reaching new records in the majority of regions and mortgage rates remaining elevated, affordability for many home-buyers is still stretched.”
We know the local market well, and we evaluate every home on its individual merits. If you’ve put time, effort and love into your home, there is every chance the value of your property will reflect this, and we know how to rank your property alongside other homes in and around Huddersfield.
For a tailored service by an agent who delivers a hands-on approach in Huddersfield and surrounding areas, trust ADM Residential.
Contact ADM Residential to sell your Huddersfield home in 2024
Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.
This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.
