Asking prices for UK homes hit record high

Prices of homes being put up for sale in Britain have hit record highs despite still expensive mortgage costs, but the pace of gains has slowed, according to data from property website Rightmove.

The average asking price for residential properties touched 375,131 pounds ($474,578.23) in the four weeks to mid-May, Rightmove said.

However, the 0.8 per cent increase in month-on-month terms represented the weakest rise so far in 2024.

Prices were only 0.6 per cent higher when compared with the same period last year.