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Property Market Update – April 2025
By Steve Cook – Clarke Gammon
I read with interest an article in one of the more quality broadsheets, the headline read, ‘UK property prices surge to new record high’.
This follows rather more negative market speculation only days earlier, after the change in stamp duty regulations.
The article’s source refers to April’s House Price Index from Rightmove, which reports that the average asking price for a home in Britain reached £377,182 in April, a substantial £5,312 increase from March. The broadsheet article comments that ‘This 1.4% leap surpasses the typical 1.2% April uptick, marking a significant jump in property values’.
The comment seems innocuous, but substituting ‘Asking prices’ for ‘Values’ is a problem, as it suggests that these numbers are property values as opposed to the Rightmove article report, which refers to Asking Prices.
This may seem pedantic, but it is important and should be incumbent on journalists to accurately report the facts. Particularly when it influences would-be sellers to have an over-inflated opinion of their home’s value.
The reporting, or the sensationalising of increases in property values, means that much of my time is spent trying to persuade prospective sellers that local property values have not increased by the headline numbers or often at all.
As with all big data, of which the Rightmove report is one of the biggest in the property business, the devil is always in the details, as local geographical variations make a significant difference.
The Rightmove report notes that this is the first new monthly price record since May 2024, with asking prices and activity typically higher during the Spring season. It also confirms ‘continuing market resilience’, and that this month’s price increase is larger than the average April increase of 1.2%, despite the number of available homes for sale remaining at a 10-year high for the time of year.
Whilst a seasonal increase in asking prices is a positive sign for the health of the market, the report warns that new sellers need to be cautious of the high competition from other sellers they face when setting the asking price of their home.
Rightmove’s research shows that homes that are priced realistically from the start of marketing, rather than reduced later, are more likely to find a buyer, and in less than half the time on average.
Rightmove property expert Colleen Babcock comments: ‘We’ve seen our first price record in nearly a year, despite the number of homes for sale being at a decade high.’
‘The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient’.
‘Confidence from new sellers is a good sign for the overall health of the market, but they do need to be careful when setting their asking price.’
Rightmove clearly says, when setting the asking price, new sellers still need to be cautious of the high competition for buyers.
Colleen continues – ‘The high level of supply in the market right now means that buyers are likely to have plenty of homes in their area to choose from, and an overpriced home will stick out for the wrong reasons.’
‘Our research also shows that getting the price right the first time is key. Homes that don’t need a reduction in price are more likely to find a buyer, and to find that buyer in less than half the time.’
The report also notes that across the month, new buyer demand was 5% higher than at the same time last year, and the number of new sellers coming to market was 4% higher.
But these averages mask a more complex picture at a local level. This is particularly evident in the North/South divide in terms of both price and buyer demand trends.
The majority of the Midlands and Northern regions, as well as Wales and Scotland, are seeing above average increases in demand versus last year, and all have seen new price records this month. By contrast, the higher-priced South West and South East are seeing smaller increases in buyer demand and prices.
London appears to be an outlier; despite being the only region with fewer buyers enquiring than at this time a year ago, average asking prices in London have also reached a new record this month, driven by inner London.
Rightmove cautions that London is typically more exposed to the impacts of geopolitical tensions, as well as currently seeing weaker demand trends, and it’s more than likely to see this price trend fall back.
Will Trump’s Tariffs Affect the Property Market
Rightmove said the full impacts of tariffs will play out over the coming weeks and months, and if the Bank of England opts for further and faster rate cuts, starting in May, this could lead to mortgage rates reducing more quickly than anticipated.
Ms Babcock added: “It’s important to remember that among records and national trends, Great Britain’s housing market is made up of thousands of diverse local markets, each uniquely responding to market changes and world events.
“London, for example, is likely to see greater knock-on effects from US tariffs than the rest of Great Britain, while northern regions appear to be performing more strongly post-stamp duty rise.
“It’s difficult to predict what the next few months will bring, but if mortgage rates reduce more quickly, it would be a helpful boost to buyer affordability.”
However, potential homebuyers may find some relief in the recent dip in mortgage rates, with some lenders, including Barclays, cutting rates below 4%. This shift in the mortgage landscape could potentially offset the impact of the stamp duty changes and influence market activity in the coming months.
Recently Listed homes
Here are a selection of some of our most recently listed homes for sale –
Detached House For Sale in Haslemere – Price£1,495,000
Detached House For Sale in Dunsfold – Price £995,000
House For Sale in Haslemere – Price – £725,000
Semi Detached House For Sale in Guildford – Price £575,000
Semi Detached House For Sale in Liphook – £450,000
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
If you are considering a move, we have demand for property in and around the towns and villages covered by our offices in Guildford, Haslemere and Liphook, with many motivated buyers looking for a new home.
Please feel free to contact any of our offices, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
Why not try our instant online valuation tool?
Steve Cook FNAEA Senior Consultant – Clarke Gammon
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