Despite concerns of a market slowdown following changes to stamp duty, the average º£½ÇÊÓƵ house price increased by 1.4% in April. Rightmove reports that º£½ÇÊÓƵ house prices have reached a new record high of £377,182.
Analysts suggest that lower mortgage rates have counterbalanced the effects of stamp duty alterations and the typical seasonal slowdown, as reported by .
Jeremy Leaf, a north London estate agent and former RICS residential chairman, commented: "Attack is the best form of defence for some sellers."
He added: "In our offices we have noticed many want to tough out the loss of the stamp duty concession last month, keep asking prices up and letting the market find a new 'normal'."
Before April 1, no stamp duty was levied on purchases up to £250,000. However, from this month, a two per cent charge now applies to homes purchased between £125,001 and £250,000.
Rightmove pointed out that while the seasonal increase in house prices is a "positive sign for the health of the market," the large number of properties on sale means competition will be intense.
Estate agents Yopa report that nearly 54,000 home sellers have entered the market across England since the stamp duty deadline expired. Tomer Aboody, Director of property lender MT Finance, said: "All eyes are on the Bank of England to see whether there will be a further reduction in May, with any assistance here likely to boost activity now that the stamp duty concession has ended."
"Indeed, buyers may await further reductions before making their move."
Investors are predicting as many as four interest rate reductions this year, largely due to the global instability triggered by US President Donald Trump's tariffs.
The º£½ÇÊÓƵ's 10-year swap rate took a hit on April 7, and analysts anticipate it will continue to decline.
This decrease in swap rates is projected to influence mortgage rates, which could enhance affordability and instil renewed confidence in buyers to proceed with their purchases.
