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UK house prices surge to over £375,000, setting a new record

UK house prices surge to over £375,000, setting a new record

Posted on May 24, 2024 |

In May, the average UK home price soared to £375,131, marking a new record high.

Property prices across Britain experienced a 0.8% rise in May, increasing by £2,807 compared to the previous month.

The market is strong, with sales in the first four months of this year up 17% compared to the same period last year.

May has historically been a favorable month for property price growth, setting new records in 12 of the past 22 years.

Despite a modest 0.6% increase in average prices since May 2023, Rightmove highlights that the market remains highly sensitive to pricing.

The average time from agreeing on a sale to legal completion now stretches to five months, making it over seven months from listing to moving.

The tenants renewing contracts in Britain have faced an average rent increase of 8.3% over the past year, outpacing the 6.4% increase for new leases.