UK House Prices Hit Record High: Rightmove

(RTTNews) - UK house prices rose to a new record in April despite the end of stamp duty holiday in March, property website Rightmove said Monday.

House prices increased 1.4 percent from the previous month to a record GBP 377,182 in April.

Despite a decade-high number of homes for sale for the time of year, the increase was larger-than-usual. Data also suggested that movers are carrying on and have adjusted to the tax rise.

New buyer demand increased 5 percent compared to last year and the number of new sellers coming to market advanced 4 percent. House prices in London also hit a record in April but this may be short-lived as it is more subject to global uncertainties, Rightmove said.

The website cautioned that the resilience of the property market will be further tested by the impacts of President Trump's tariffs on the UK economy over the coming weeks and months.

If Bank of England reduces the bank rate more quickly starting May, it will potentially boost buyer affordability, Rightmove noted.