What happened to house prices this month?
New seller asking prices have seen an annual increase for the first time since July 2023, taking the average to £362,839 (+0.1%). And though a small rise, stable asking prices are a sign that sellers aren’t feeling the need to come to market with a lower asking price in order to find a buyer. And we’re not seeing a trend of forced sales, as a result of elevated mortgage rates.
We’ve also seen a month-on-month price rise (+0.9%) in line with what we normally see at this time of year.
How much are average house prices?
Rightmove's monthly House Price Index tracks the national average house price, and changes over time. You can also check the trends across Herefordshire and Leominster, as well as how long it’s taking for homes to sell right now.
Month | Average asking price | Monthly change | Annual change |
|---|---|---|---|
February 2024 | £362,839 | +0.9% | +0.1% |
January 2024 | £359,748 | +1.3% | -0.7% |
What could happen next?
The government’s spring budget announcements are taking place on 6 March, which could include policy changes that will affect some Herefordshire home-movers.
Tim Bannister says: “It’s still early days for 2024, with a Budget, General Election and no doubt more global events still to play out. Rightmove’s whole-of-market data shows that it’s the first-time-buyer segment who could use the most support this spring, and well-thought-out initiatives to help to get more would-be first-time buyers onto the ladder would be welcome.”
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