Rightmove’s May 2024 market report recorded an average asking price of £375,131 for homes coming to market in Great Britain. That represented a monthly increase of 0.8% and an annual increase of 0.6%. The figures described the prices sought by new sellers at that time, rather than the amounts ultimately paid by buyers.
The report linked much of the monthly movement to larger properties. Its top-of-the-ladder category covered homes with five or more bedrooms and four-bedroom detached houses. More owners in that part of the market were bringing properties forward after delaying their plans in earlier years, according to the source.
The contrast between sectors was notable. Excluding inner London, Rightmove reported a monthly increase of 1.6% for its top-of-the-ladder category, compared with 0.4% for the first-time buyer category and 0.2% for second steppers. This variation shows why a national headline can conceal different experiences across property types.
There was also evidence of stronger activity in the source’s sales-agreed measure. For the first four months of 2024, agreed sales of larger homes were reported to be 24% above the equivalent period in 2023. The increase for the market overall was 17%. An agreed sale remains a stage in a transaction, rather than confirmation that it has legally completed.
Rightmove’s commentary remained cautious about affordability. Its expert Tim Bannister described a market sensitive to price, despite the new asking-price record. The modest annual increase also provided a different perspective from the stronger monthly movement associated with the spring selling season.
The report further separated finding a buyer from finishing the move. It described an average of 62 days to find a buyer and a much longer subsequent completion process. These historical timings should not be read as a promised timetable for an individual transaction today.
This archived account captures the balance of seller confidence, sector differences and affordability pressures reported in May 2024. Its lesson for interpreting the data is straightforward: establish the period, geography and price measure before comparing headlines. None of these figures is presented as a current valuation or a recommendation about when to buy or sell.