The average price of a house is only around £570, below the record high reached in May last year, according to a property website.
The typical price of a property coming on the market across the UK rose 1.1%, or £4,207, in April compared to the previous month, Rightmove said.
According to the website, a key factor in the growth to near-record average prices has been “top of the ladder” properties, with a surge in new sellers and agreed sales for larger family-sized homes.
In contrast, house prices and activity are rising more slowly in market segments more reliant on mortgages, including those on the first and second steps of the property ladder, the report added.
The average new seller asking price across the UK is currently £372,324.
The average asking price for a “top of the ladder” home in April was £682,661, up more than £18,000 from £664,422 in March.
Overall, the first four months of the year have been “much improved” compared to 2023, with the market seeing an increase in both buyer and seller activity this spring, the website said.
Rightmove said sales are now at 2019 levels despite buyer conditions being much tighter, with mortgage rates rising and house prices rising by more than a fifth (22%) in the meantime.
Affordability has been helped by wage increases, Rightmove said.
Tim Bannister, Rightmove’s director of property science, said: “The top of the ladder continues to drive pricing activity early in the year, with movers in this sector generally less sensitive to higher mortgage rates and more likely to take the lead. Their ability to move around by holding a lot of assets.
“While some buyers across all sectors will feel their affordability has improved compared to last year due to rising wages and stable house prices, others will be more affected by cost of living issues and more persistent than expected with higher mortgage rates.
“Despite these factors, it has been a positive start to the year compared to a quieter start to 2023. However, agents report that the market remains very price sensitive and despite the current optimism these are not conditions for support Sellers looking to secure significant price increases should still price realistically for their local market and avoid being overly ambitious at the outset of their marketing to ensure the best chance of finding a buyer.”
Mr Bannister suggested there could be a “tempting window of opportunity” for some people to make a move over the summer holidays and before the general election.
The findings were published in a report by the Building Builders' Association (BSA) which looked into the difficulties faced by prospective first-time buyers in getting onto the property ladder.
The report said: “The important balance is between financial stability and the number of first-time buyers.
“Over the past decade, the inevitable costs that have excluded many people from homeownership have tipped the balance in favor of financial security. “Now is the time to discuss the costs and benefits of our current approach.”
He added: “People on single incomes, on lower than average incomes, on unstable incomes and with few assets are struggling to buy a home and are stuck in the private rented sector.”
Paul Broadhead, head of mortgage and housing policy at the BSA, said: “The proper functioning of the housing market depends on first-time buyers being able to purchase their first home. New thinking and radical change is needed as building societies create bespoke innovations within the current regulatory framework.”