Prices of homes being sold in Britain are close to their record highs after the biggest annual increase in a year, according to an industry survey that suggested the momentum in the housing market of early 2024 extended into April.
Property website Rightmove said on Monday its asking prices for residential properties rose by 1.7% in the four weeks to April 13 when compared with the same period last year.
Prices sought by sellers rose by 1.1% in month-on-month terms, slowing from a 1.5% increase in the previous four weeks.
The average new seller asking prices of 372,324 pounds ($463,320) was only 570 pounds of a record hit in May 2023, Rightmove said.
Other measures of Britain's housing market have also shown a recovery in demand and prices, helped by a fall in borrowing costs which surged in 2022 when former Prime Minister Liz Truss's plans for sweeping tax cuts upset financial markets.
