House prices jumped by more than £5,000 in March with the average asking price at £368,118 – short of last year’s peak

The average price of a newly marketed home jumped by more than £5,000 month-on-month in March, in signs that ‘we now seem to be past the bottom of the market,’ according to a property website.

Across Britain, the typical price tag on a home increased by 1.5 per cent or £5,279, Rightmove said.

The increase pushed the average asking price to £368,118, which is still £4,776 below the peak recorded in May 2023.

Both agreed sales and buyer demand are higher than this time last year, although the market remains sensitive to pricing, Rightmove said.

Attractively priced properties are quickly being cherry-picked, but over-optimistically priced homes are taking longer to find a buyer, it added.

The average price of a newly marketed home jumped by more than £5,000 month-on-month in March

Across Britain, the typical price tag on a home increased by 1.5 per cent or £5,279, Rightmove said

The average time for sellers to find a buyer is now 71 days, which is the longest at this time of year since 2019, the website reported.

Growth in rental prices cooled last month, according to property firm Hamptons.

In February, the average rent on a newly let home in Britain rose by 7.1 per cent annually, which was down from 8.3 per cent in January.

Rental growth is still running faster than inflation and increases mean the average tenant moving into a new property would pay an extra £87 per month or £1,044 a year more in rent than if they moved in February last year, Hamptons said