Asking prices for UK houses jump again in April – Rightmove

LONDON (Reuters) – Asking costs for homes in Britain surged once more in April however momentum within the housing market ought to sluggish as customers are hit more and more by the rising price of dwelling disaster, a survey confirmed on Monday.

Property search web site Rightmove mentioned asking costs rose by 1.6% this month, slowing barely from a 1.7% rise in March. Greater than half of homes are presently promoting at or above the asking value, the survey confirmed.

The report echoed different gauges that present Britain’s housing market retained a lot of its momentum within the first half of 2022, regardless of the phasing out of momentary tax breaks on property purchases within the second half of 2021.

However with family budgets being squeezed by excessive inflation and tax rises, Rightmove had doubts about whether or not the housing market can sustain its current power – although there’s scant signal of a slowdown now.

“Whereas rising affordability constraints imply that this momentum is just not sustainable for the long run, the excessive demand from a lot of patrons chasing too few properties on the market has led to a spring value frenzy,” Rightmove managing director Tim Bannister mentioned.

(Reporting by Andy Bruce; Enhancing by Emelia Sithole-Matarise)