House prices hit a new record high in April 2025, with the average asking price reaching just over £377,000, research from Rightmove has revealed.
Research found that demand from homebuyers increased by 5% compared to last year, while the number of new sellers rose by 4%, even with the highest number of homes for sale in a decade.
Higher Stamp Duty didn’t deter home-movers, as there was no increase in home sales falling through during the rush to complete sales before the tax hike.
Rightmove also reported that the queue of buyers waiting has shrunk, but has started to rise again.
Regions such as the Midlands, North, Wales, and Scotland witnessed stronger demand and new price records, while the South East and South West experienced smaller increases.
Despite fewer buyer enquiries, London saw prices hit a record high, but this trend might not last due to potential geopolitical impacts, according to Rightmove.
Mortgage rates remain just below 5%, with a 5-year fixed rate averaging 4.72%.
Colleen Babcock, property expert at Rightmove, said: “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 home-movers into the market, with both buyer demand and seller numbers up.
“The high number of homes available in the market right now means that buyers are likely to have plenty in their area to choose from, and an overpriced home will stick out for the wrong reasons.”
Babcock added: “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.
“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.”
Alex Caddy, manager at Clarkes Estate and Letting Agency, said: “Things are moving well when priced appropriately, and particularly popular homes can even go for above asking price.
“Those who may not be in a rush are testing the market with higher asking prices.
“In those cases viewing requests are far lower, indicating buyers are still price sensitive.”
Phill Sandbach, director at John German in the Midlands, said: “March was a very busy month, with more completions than in the post-pandemic stamp duty holiday.
“Solicitors worked really hard to get so many movers through.
“April has started off as a busy month for us, with market appraisal requests, viewings and offers across all of our East and West Midlands offices.”
