Epsom Property Market Reaches New High as Average Asking Prices Soar

Wed 22 May 2024

The UK property market is buzzing with activity this spring, as the average asking price of homes listed for sale on Rightmove has climbed by 0.8% over the last month, setting a new record at £375,131. This surge is largely driven by the top-of-the-ladder sector, with 4-bed detached and 5+-bed properties experiencing a significant increase of 1.6% in the same period. This rise surpasses the growth observed in the first-time buyer and second stepper segments.

Several factors contribute to this upward pressure on prices. Historically, May has been a strong month for the property market, often setting new price records. In fact, new price highs have been recorded in May in 12 of the past 22 years. This year is no exception, with a spring pick-up in market activity combined with pent-up demand pushing prices higher.

Despite the robust growth, the market remains highly price-sensitive. Data from a #Dataloft by PriceHubble poll of subscribers reveals that 62% of offers are currently being accepted at up to 5% below the asking price, and an additional 20% of offers are accepted at more than 5% below. This indicates that while sellers are optimistic, buyers are negotiating hard to get the best possible deals.

The increase in the average asking price highlights the continuing appeal and competitive nature of the UK property market. For potential buyers, especially those looking at high-end properties, the market presents both opportunities and challenges. The combination of strong demand and price sensitivity underscores the importance of strategic planning and negotiation in securing a home.

As we move further into the year, it will be interesting to see if this trend continues and how the market dynamics evolve. For now, sellers in the top-of-the-ladder sector can take heart in the rising values, while buyers must remain vigilant and prepared to engage in a competitive market.