Asking prices for housing on sale in Britain this month are 1.3 per cent higher than a year earlier, despite the end of a tax break, pushing the average price above a previous record set in May 2024, property website Rightmove said this week.

The average price for houses and apartments advertised between March 9 and April 5 was a record 377,182 pounds ($494,448), reflecting a 1.4 per cent increase from the previous month – a bigger-than-usual rise for the time of year, Rightmove said.

“Increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient,” Rightmove executive Colleen Babcock said.

The upbeat tone contrasts with March data from mortgage lender Halifax last week which showed a 0.5 per cent drop in house prices on the month and Bank of England data which showed a six-month low in mortgage approvals ahead of the tax changes.

Buyers had been rushing to complete purchases before the end of March to benefit from temporarily reduced purchase taxes.

Rightmove said the number of agreed sales had fallen since the deadline, but that compared with a year ago the number of new potential buyers was still up 5 per cent while the number of homes for sale had risen by 4 per cent.

The impact of US President Donald Trump’s tariff policies was not yet clear, but could boost the market if it led the BoE to cut interest rates faster, Rightmove added.

Financial markets last week saw around three quarter-point rate cuts this year compared with two before the tariff announcements.

Typical mortgage rates have fallen only slightly over the past year as the BoE has stuck to a gradual approach since starting to cut rates in August 2024.

The average interest rate on a mortgage with a five-year fixed rate has declined to 4.72 per cent from 4.84 per cent over the past 12 months, Rightmove said.