Average house prices have risen by £2,906 in March
AVERAGE house prices have risen by £2,906 in March, says Rightmove.
That is up 0.8 per cent on a month earlier.
The jump was mainly driven by a rise of £7,947 in the market for four and five-bed homes.
Across all property types, the average price coming to the market was £365,357 this month.
One contributing factor to larger home sales lagging behind them is signs of a reduction in people making coronavirus pandemic-driven lifestyle changes, it added.
The proportion of buyers inquiring about making a move over 50km away from where they live is now 15%, the same level as 2019 and below its pandemic peak of 18%.
Rightmove’s Tim Bannister said: “The beginning of the spring season sees stability and confidence continuing to return to the market as it recovers from the turbulence at the end of 2022.
“The pace of the market reached an unsustainable level in the last two years, and was on track to slow to a more normal level, though the speed of this slowdown to more normality was accelerated by the reaction to September’s mini-budget.
“While higher mortgage rates and economic headwinds raise challenges, many potential home movers who were effectively side-lined in the frenetic bidding wars of the last two years will find that a slower-paced market gives them time to plan and secure their next move as we enter the traditionally busy spring-buying season.”