UK house prices have surged to a record high despite the global trade war started by President Donald Trump and the lowering of stamp duty thresholds. Defying expectations economists fretted that uncertainty was to plague the UK housing market and lead to prices falling.
Trump tariffs and job market concerns were also expected to decrease buyer demand. However, the average UK property price has risen by 1.4% to a new record of £377,182, according to Rightmove. This is a substantial £5,312 increase from March and it is the first monthly price record since May 2024. Compared with this time last year, asking prices are 1.3% higher.
April’s average asking price figure surpassed a previous record of £375,131, set in May 2024.
The property search website says they are seeing a significant north/south divide in property prices. The majority of the midlands and the north as well as Wales and Scotland saw new price records in April.
In contrast, house prices in the higher-priced South West and South East are lagging. London is by far the most expensive place to live in the UK with the average asking price in the capital being £699,200.
Whereas house prices in West Midlands have an overall average of £285,223 over the last year and house prices over the past year sold for an average of £243,374 in South Wales.
Colleen Babcock, a property expert at Rightmove, says the capital is “likely to see greater knock-on effects from US tariffs than the rest of Great Britain”.
Rightmove is seeing increasing “confidence from new sellers” and with their data showing that 5% more people are looking to move than there were this time last year.
Colleen Babcock, a property expert at Rightmove said: “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.
“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.”
