By Anthony O. Goriainoff

House prices hit a record high in May of 379,517 pounds ($504,985), with signs of rebounding demand after a quiet April, according to Rightmove.

Asking prices rose by 0.6% on month, the property website said, but noted that growth was relatively low for the time of year given a sharp rise in the number of homes on the market.

A busier-than-usual March led to new buyer demand falling 4% in April when compared with the year-prior period. Still, year-to-date demand is still 3% ahead of 2024, with early signs of a bounce-back in May.

Demand was hit in April by the end of a tax holiday at the end of March. Still, agreed sales were 5% higher on year in the month, "indicating that spoiled-for-choice buyers are still being tempted by the right property at the right price."

Rightmove said the number of new properties coming onto the market is now 14% ahead of this time last year, and that the latest Bank of England rate cut could provide a boost to buyer affordability and activity later in the year.

The website's weekly mortgage tracker shows that the lowest available two-year fixed mortgage rate is now 3.72%, down from last year's 4.75%.

"Along with April's stamp duty increase in England, some new buyers may have been holding out for the outcome and impact of May's bank rate decision, while President Trump's approach to tariffs has also created global economic uncertainty," Rightmove added.

Property in Wales took the longest to find a buyer, with 70 days on average to do so and an average price of 271,269 pounds. This was followed by the East Midlands at 67 days and 291,918 pounds. Scotland lead the score with property needing just 31 days on average to find a buyer, with an average price of 201,500 pounds, followed by 51 days in the North East, which had an average price of 195,479 pounds.

On average, property in London took 60 days to find a buyer, and had an average price of 701,990 pounds.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

May 19, 2025 00:30 ET (04:30 GMT)

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