Property market shows strong recovery in’s latest report

According to the latest Asking Price Index for April, the UK property market has seen a significant recovery, with properties moving faster than in pre-COVID years and modest year-on-year price growth returning.

This recovery is particularly strong in regions such as the South West and Yorkshire, where asking prices increased by 1.7% and 1.6% respectively last month.

Other regions, including the North East, Wales, and West Midlands, also recorded price increases over 1%.

The report indicates that the typical time on market for unsold properties is now shorter than in April 2019, supporting higher asking prices due to increased market confidence.

The number of new listings has risen by 12% compared to last year, providing greater choice for buyers and reflecting greater optimism among sellers.

While most regions show positive trends, the East of England, East Midlands, and the South West are still experiencing negative annual growth.

Conversely, London has just managed to achieve positive year-on-year growth this month by a slim margin.

Rental market trends are mixed, with overall UK asking rents increasing by 2.8% since last April.

However, London and Wales have seen declines, with London’s rents down by 4.8% year-on-year. In contrast, the North East has experienced a significant increase in rents, with a 17.1% rise.