Why the average UK house price has risen this month

• The average asking price for a home in Britain increased by 0.8 per cent, or nearly £3,000, in April, reaching £373,971.
• This growth is below the long-term average for April and is attributed to elevated mortgage rates and a high supply of available homes.
• Price increases were mainly driven by higher-priced properties, with first-time buyer demand remaining robust despite increased borrowing costs.
• Mortgage rates remain elevated due to geopolitical events, making competitive pricing essential for sellers to attract buyers.
• Separately, rental price growth on newly-let homes accelerated in March, with average annual growth doubling to 1.0 per cent, reaching £1,373 per month.

IN FULL

Average price of a UK home up £3,000 in April, Rightmove data shows