UK House Prices Near Record Highs, Driven by Demand for Luxury Homes

Top-tier properties are pushing average asking prices close to last year's peak, though broader market conditions remain uncertain.

UK house prices are nearing record levels, with the average asking price just £570 below the May 2023 record.
Luxury properties, less affected by high mortgage rates, are significantly contributing to the price surge.
Despite the optimism, the overall housing market is highly price-sensitive, with potential buyers cautious due to fluctuating mortgage rates and economic uncertainty.
Increased supply and a potential interest rate cut by the Bank of England could influence future market dynamics.
Real estate experts advise sellers to remain realistic with pricing to attract buyers in a competitive market.