Warning to sellers as house asking prices hit record high
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UK house asking prices reach £380,000 average
- UK house asking prices hit a record high for the second consecutive month in May, reaching an average of nearly £380,000, according to Rightmove.
- Despite the record high, the pace of price growth has slowed compared to earlier in the year, likely due to the end of the stamp duty holiday.
- Buyer demand dipped in April but is showing early signs of recovery in May, possibly influenced by the Bank Of England's base rate cut.
- Increased housing stock and slightly lower mortgage rates are contributing to a competitive market, with sales agreed up 5 per cent compared to last year.
- Experts advise sellers to price their properties carefully to attract buyers in the current market, as overpricing can lead to stagnation.