According to a recent survey, home prices in Britain are nearing their record peaks following the largest annual increase in a year, indicating that the housing market's early 2024 momentum

has carried through to April.

Rightmove, a property website, revealed on Monday that asking prices for residential properties surged by 1.7% in the four weeks leading up to April 13 compared to the same period last year. However, the month-on-month increase slowed to 1.1%, down from 1.5% in the preceding four weeks.

The average asking price for new sellers stood at £372,324 ($463,320), just £570 shy of the record set in May 2023, according to Rightmove.

Various indicators of the UK housing market depict a recovery in both demand and prices, attributed in part to a decline in borrowing costs that spiked in 2022 amid former Prime Minister Liz Truss's proposed tax cuts, which unsettled financial markets.

Rightmove noted a 12% increase in new sellers compared to a year earlier, with sales up by 13%. Demand was particularly robust in the high-end segment, experiencing the most significant price surge since 2014.

However, demand for properties typically sought by first- and second-time buyers, who are often more reliant on mortgages, saw comparatively modest growth, as indicated by the survey.

Tim Bannister, Rightmove's director of property science, cautioned against expecting substantial price growth under current conditions. He advised sellers to be realistic in their pricing strategies to secure sales successfully and avoid over-ambitious pricing.