Rightmove reports resilient start to the summer property market

Rightmove’s latest House Price Index has revealed a surprisingly resilient property market heading into the summer months, despite ongoing affordability pressures and wider economic uncertainty.

The report shows that the average asking price of newly listed homes increased by 1.2% during May, taking the national average to £378,304 - slightly above the seasonal increase typically seen at this time of year.

One of the key themes highlighted in the report is the growing north-south divide in house price growth, largely driven by affordability. More affordable northern regions, including the North East and North West, continue to record annual price growth, while areas such as London and the South East are experiencing modest annual price reductions.

Encouragingly, buyer activity remains relatively steady. The number of sales agreed nationally is only 4% below the stronger market conditions seen last year and remains ahead of 2024 levels. First-time buyer activity has also held up better than many expected, supported by slightly improved mortgage affordability and more realistic pricing for entry-level properties.

The report also reinforces the importance of accurate pricing in today’s market. With buyer choice currently at its highest level for this time of year since 2015, properties priced too optimistically are often taking significantly longer to sell. Rightmove’s data suggests that homes requiring a price reduction spend considerably more time on the market compared with those launched at the correct asking price from the outset.

At Whitlocks Estate Agents, we continue to see positive levels of activity across Bognor Regis and the surrounding areas, particularly for properties that are well-presented and realistically priced. While buyers are becoming more selective, strong demand remains for homes offering value, location and quality presentation.

If you are considering moving this year and would like professional advice on your property’s current market value or local market conditions, our experienced team would be delighted to help.