AVERAGE property asking prices hit a new record of £375,131 during May, which makes it the fifth month in a row that prices have risen according to the latest figures from property search giant, Rightmove.

Nationally this equates to a 0.8 per cent increase in the past month, with Rightmove’s figures also showing this was slightly higher in Yorkshire and the Humber, where asking prices rose by 0.9 per cent to reach an average of £254,044.

However, despite the increases seen in 2024, asking prices are still only 0.6 per cent higher than a year ago, although again Yorkshire and the Humber has outperformed the national market with year-on-year growth currently standing at 2.3 per cent.

The average time to secure a buyer is also falling and now stands at 62 days nationally, compared to 78 days in January. In addition, the data shows that the number of sales agreed during the first four months of 2024 is 17 per cent higher than last year, outstripping the 12 per cent increase in the number of new sellers coming to market.

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “Buyers and sellers have ramped up activity during the spring months and across our office network we have 14 per cent more sales agreed than at this time last year, in addition to 16 per cent more homes listed for sale.

“This is partly down to lots of pent-up demand in the market because many potential buyers put their plans on hold last year due to high mortgage rates, which have since stabilised and become more competitive this year.

“However, there’s no doubt the market remains price sensitive, which is where the advice of an experienced, local estate agent can make all the difference. This is especially true with Rightmove’s analysis showing that properties that need an asking price reduction take more than three times longer to find a buyer than those that are priced accurately from the outset.”

Tim Bannister, Rightmove’s director of property science, said: “Some predicted that property prices would suffer sharp falls and take a while to recover following the Bank of England increasing the Base Rate up to 5.25 per cent, where it has remained since August 2023. However, the momentum of the spring selling season has exerted enough upwards price pressure to reach a new record asking price. The top-of-the-ladder sector is still leading the way, while from a regional perspective the North East, with the cheapest average prices in Great Britain, has seen the strongest price growth.

“However, it’s important to remember that prices overall are still only 0.6 per cent ahead of this time last year. The market remains price-sensitive, and with prices reaching new records in the majority of regions and mortgage rates remaining elevated, affordability for many homebuyers is still stretched.”