THE AVERAGE price tag on a home has jumped by more than £5,000 in the space of a month to hit a new record high, according to a property website.

UK house prices hit a new record high of £377,182, according to Rightmove.

Analysts said that lower mortgage rates have offset the impact of stamp duty changes and the typical seasonal slowdown.

April's average asking price figure surpassed a previous record of £375,131, set in May 2024.

"Attack is the best form of defence for some sellers," Jeremy Leaf, north London estate agent and a former RICS residential chairman, said.

"I"In our ofices we have noticed many want to tough out the loss of the stamp duty concession last month, keep asking prices up and letting the market find a new 'normal'," he added.

Prior to 1 April, no stamp duty was charged on purchases up to £250,000. However, from this month, a two per cent charge now applies to homes purchased between £125,001 and £250,000.

Rightmove noted that while the seasonal increase in house prices is a "positive sign for the health of the market", the high number of properties on sale means competition will be high.

Director of property lender MT Finance, Tomer Aboody, said: "All eyes are on the Bank of England to see whether there will be a further reduction in May, with any assistance here likely to boost activity now that the stamp duty concession has ended.

"Indeed, buyers may await further reductions before making their move."

Investors have pencilled in up to four interest rate cuts this year, partly as a result of the global uncertainty caused by US President Donald Trump's tariffs.

The UK's 10-year swap rate slumped on 7 April, and analysts expect it to fall further.

Colleen Babcock, a property expert at Rightmove said: "Confidence from new sellers is a good sign for the overall health of the market, but they do need to be careful when setting their asking price."

(c) 2025 City A.M., source Newspaper