UK home prices surge highest in 10 months
Real Estate

UK home prices surge highest in 10 months

In Britain, there had been a significant rise in the prices of homes put up for sale, marking the most substantial increase in nearly a year. This increase was attributed to the recovery of the housing market, which instilled confidence in sellers. Particularly, London witnessed the highest surge in demand, according to an industry survey released.

According to the survey conducted by property website Rightmove, asking prices for residential properties had increased by 1.5% in the four weeks leading up to March 9. This surge marked the strongest four-week increase in 10 months. However, despite this rise, prices remained approximately ?5,000 ($6,400) below their peak in May 2023. Comparatively, prices were 0.8% higher than they were a year earlier.

Tim Bannister, Rightmove's director of property science, noted that sellers were justified in feeling more confident and optimistic in the current year. Nevertheless, he pointed out that buyer affordability continued to be strained, and the persistent challenge of higher mortgage rates persisted.

Rightmove's assessment of buyer demand during the period between February 11 and March 9 indicated an 8% increase compared to the previous year, with sales rising by 13% annually. Despite these positive indicators, there were still signs of caution among buyers. On average, sellers took 71 days to secure a buyer, marking the longest duration for this time of year since 2019.

The demand for property in London outstripped that of other regions. This was attributed to people increasingly returning to their offices for work rather than continuing remote work from home. Additionally, home-buyers were encouraged by stronger wage growth and lower inflation rates, as observed by Rightmove.

Following a period of slowdown, the property sector in Britain had regained momentum in recent months. This was partly due to a decrease in mortgage interest rates, as there were expectations that the Bank of England would reduce borrowing costs throughout the year. However, there had been a recent increase in borrowing costs, as investors speculated that the BoE might delay rate cuts until the latter half of the year. Rightmove reported that the interest rate on a typical five-year fixed-rate mortgage had risen over the past five weeks from 4.54% to 4.84%.

In Britain, there had been a significant rise in the prices of homes put up for sale, marking the most substantial increase in nearly a year. This increase was attributed to the recovery of the housing market, which instilled confidence in sellers. Particularly, London witnessed the highest surge in demand, according to an industry survey released. According to the survey conducted by property website Rightmove, asking prices for residential properties had increased by 1.5% in the four weeks leading up to March 9. This surge marked the strongest four-week increase in 10 months. However, despite this rise, prices remained approximately ?5,000 ($6,400) below their peak in May 2023. Comparatively, prices were 0.8% higher than they were a year earlier. Tim Bannister, Rightmove's director of property science, noted that sellers were justified in feeling more confident and optimistic in the current year. Nevertheless, he pointed out that buyer affordability continued to be strained, and the persistent challenge of higher mortgage rates persisted. Rightmove's assessment of buyer demand during the period between February 11 and March 9 indicated an 8% increase compared to the previous year, with sales rising by 13% annually. Despite these positive indicators, there were still signs of caution among buyers. On average, sellers took 71 days to secure a buyer, marking the longest duration for this time of year since 2019. The demand for property in London outstripped that of other regions. This was attributed to people increasingly returning to their offices for work rather than continuing remote work from home. Additionally, home-buyers were encouraged by stronger wage growth and lower inflation rates, as observed by Rightmove. Following a period of slowdown, the property sector in Britain had regained momentum in recent months. This was partly due to a decrease in mortgage interest rates, as there were expectations that the Bank of England would reduce borrowing costs throughout the year. However, there had been a recent increase in borrowing costs, as investors speculated that the BoE might delay rate cuts until the latter half of the year. Rightmove reported that the interest rate on a typical five-year fixed-rate mortgage had risen over the past five weeks from 4.54% to 4.84%.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement