Housing market gains momentum as UK asking prices climb 1.3%

Asking prices for UK homes rose 1.3% year-on-year in early April, hitting a record average of £377,182 ($494,448).

Prices climbed 1.4% from the previous month—an unusually high jump for this season.

Despite the end of temporary purchase tax cuts, buyer interest stayed strong, with new potential buyers up 5% year-on-year.

The number of homes listed for sale also increased by 4% compared to last year.

The number of sales fell after buyers rushed to close deals before the tax break ended in March.

Mortgage rates have eased slightly, with the average five-year fixed rate dropping to 4.72% from 4.84% over the past year.

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