Asking prices for homes increased again in April, but activity in the housing market is expected to slow in the coming months if consumers continue to be hit by the growing cost of living crisis.
Rightmove’s useful insights for the month suggest that asking prices rose by 1.6% in April which is down slightly from a 1.7% increase in March, with more than half of all properties currently selling at or above the asking price.
The latest data shows that the price of property coming to market has hit a new record high for the third consecutive month.
Month-on-month prices have risen by an average of 1.6%, or £5,537), and over the last three months by £19,082.
This figure is the largest three-month price increase that Rightmove has ever recorded, with high buyer demand enabling sellers to ask and achieve ever higher prices.
With an insufficient supply of properties available on the market, sellers are able to find a buyer quicker than ever previously seen by Rightmove, and twice as quickly as in the same period in the more normal market of 2019.