Property asking prices are up in all regions as the market picks up pace for Spring

Property website reports that the market has stepped up a gear this month with buyer optimismvastly improved compared to March last year. There is also good news for buyers, with the market offering much more choice and lower pricing when compared to the peak of the market in July 2022.

As for asking prices, Yorkshire has seen a rise of 0.7 per cent over the past month and a year on year increase of 1.3 per cent. The average asking price in Yorkshire is £246,476. The neighbouring North East saw 0.6 per cent monthly rise and a year on year growth of 2.2 per cent bringing the average asking price to £192,174, while the North West saw a 0.5 per cent monthly rise in asking prices and an annual 3.6 per cent boost year on year bringing the average asking price to £266,155.

Scotland topped the UK table with a 0.9 per cent monthly boost and a year on year growth of 4.2 per cent so average asking prices are now £227,076.

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However, in terms of growth over the last five years, the North West comes out on top with just over 30 per cent growth, Wales is next with 29 per cent and Yorkshiure is third in the table with 25 per cent. Grester London was bottom of the five year price growth league with just under five per cent.

Market is picking upMarket is picking up
Market is picking up say The Typical Time on Market for unsold property in England and Wales has dropped eight days since February as market momentum

increases. The current median is 104 days. In pre-COVID March 2019, the same measure was 111 days.

UK rent growth overall continues to slow, dragged down by London, reducing the annualised change to 2.1 per cent. The North East

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remains the regional leader in rental growth, up 15.1 per cent year-on-year.

Analysts add that there is an air of ‘business as usual’ pervading the market and slightly more vendors than usual have committed to sell, although stock levels are still comparable to pre-pandemic levels. Currently, there is no excess of property on the market that would inevitably put downward pressure on prices. believes that in the absence of any further financial shocks, UK property prices look set to enjoy some modest growth this year. However, a return to the recent high point set in July 2022 seems unlikely. It adds that an interest rate cut would help but it may be 2025 before we see the market return to the high-water mark set by the COVID boom.

Doug Shephard, Director at believes that he fortunes of the UK property market hang on this question: When will the much needed rate

cut by the Bank of England occur?

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He says: “City traders are betting on around 65 basis points worth of future rate cuts, with the first cut fully priced in for August. Sounds good, doesn’t it? However, at the same time, the Bank of England is trying to effect Quantitative Tightening, which has been described by the Chair of the Treasury Committee Harriett Baldwin as ‘a leap in the dark

for the UK economy’."