UK house price growth eases in April - Rightmove

Growth in UK house prices eased in April, according to the latest house price index from Rightmove.

On a monthly basis, average asking prices rose by just 0.2% to £366,247, down from 0.8% growth in March and lower than the average of 1.2% at this time of year.

Rightmove said the unseasonal pricing restraint "is a sign that many new sellers are taking note of the economic headwinds and the transitioning of the housing market to a slower pace and more normal activity levels, last seen in the pre-pandemic market of 2019".

On a year-over-year basis, meanwhile, prices were up 1.7% in April, down from 3% a month earlier.

The average asking price for first-time buyers rose 0.2% on the month in April and 2% on the year to a record £224,963.

Tim Bannister, Rightmove’s director of property science, said: "Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt Spring buyers with a competitive price.

"The current unexpectedly stable conditions may tempt more sellers to enter the market who had been considering a move in the last few years but had been put off by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available.

"However, those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019."