- The average asking price for a home in Britain increased by 0.8 per cent, or nearly £3,000, in April, reaching £373,971.
- This growth is below the long-term average for April and is attributed to elevated mortgage rates and a high supply of available homes.
- Price increases were mainly driven by higher-priced properties, with first-time buyer demand remaining robust despite increased borrowing costs.
- Mortgage rates remain elevated due to geopolitical events, making competitive pricing essential for sellers to attract buyers.
- Separately, rental price growth on newly-let homes accelerated in March, with average annual growth doubling to 1.0 per cent, reaching £1,373 per month.
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