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

The average price of a newly marketed house jumped by more than £5,000 month-on-month in March, a sign that “we now appear to have passed the bottom of the market”, according to a property website.

Across Britain, the typical price of a house rose 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.

Agreed sales and buyer demand are higher than the same period last year, although the market remains price sensitive, Rightmove said.

Attractively priced properties are quickly selected, but overly optimistically priced homes take longer to find a buyer, he adds.

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

Across Britain, the typical price of a house rose by 1.5 per cent, or £5,279, Rightmove said.

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

Rental price growth slowed last month, according to real estate company Hamptons.

In February, the average rent for a newly let home in Britain rose by 7.1 per cent a year, down from 8.3 per cent in January.

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