0:01 AM, 17th March 2025, About a month ago
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Property values edged up by 1.1% this month, lifting the average asking price to £371,870 – an increase of £3,876, Rightmove says.
The property platform says this is in line with the typical March surge, reflecting a trend of prudent pricing by sellers.
However, this is happening amid unprecedented competition not seen in a decade.
For those entering the market this Spring, the stamp duty cut-off may have slipped by, but they will access the widest selection of homes available at this time of year since 2015.
Colleen Babcock, a property expert at Rightmove, said: “Historic averages show that this March is likely to be one of the strongest months of the year for sellers to spring into action.
“However, sellers can’t just rely on these historic averages for success, as this year they are facing a decade-high level of competition.
“Those who are successfully finding buyers right now are working hard with their agents to price competitively and present their home in the best possible light.”
She added many movers want to beat the deadline to reduce their tax bill and ‘keep their savings for themselves’.
Rightmove says there’s a huge bottleneck of 575,000 transactions clogging the legal completion phase, with many racing to beat the looming stamp duty deadline at the end of March.
Despite global jitters, the UK’s property market is showing encouraging signs of health as Spring unfolds.
Sales agreements have jumped 9% compared to this period in 2024, while the tally of fresh listings outpaces last year by 8%, painting an optimistic picture post-tax hike.
However, buyer affordability remains a sticking point, with mortgage rates barely budging from last year’s figures.
The typical five-year fixed rate now sits at 4.74%, a dip from its 6.11% peak in July 2023 – and just 4.84% recorded 12 months ago.
Historically, February and March shine as prime months for sellers, with data revealing homes listed then are most likely to secure a buyer.
Yet, this year’s entrants face stiffer rivalry due to the sheer volume of properties flooding the market.
For buyers in England, the stamp duty deadline will see an estimated 74,000 transactions – including 25,000 first-time buyers – narrowly missing the cut-off.
Their sales will slip into April and trigger an extra £142 million in tax.
With the Spring Statement approaching, there are hopes for a last-minute extension to aid those caught in delays.
Looking ahead, the market will remain resilient and buoyed by a 9% uptick in agreed sales and an 8% rise in new listings compared to last year.
However, higher mortgage rates cast a shadow, tempering some enthusiasm, Rightmove says.
Nathan Emerson, Propertymark‘s chief executive, said: “It is positive to see the housing market demonstrating ongoing resilience, especially as we continue to see wider economic uncertainty.
“As we approach the summer months, we hope to see a sustained momentum in overall growth; however, a lot will likely depend on if we see inflation fluctuate over the coming months and to the point at which the Bank of England may choose to use invasive action regarding base rates to keep inflation in check.”
Matt Thompson, the head of sales at Chestertons, said: “2025 was off to a strong start with increased buyer demand and we foresee this level of buyer motivation to intensify by the end of March.
“The majority of sellers are aware of the heightened market activity which has also led to an uplift in the number of vendors planning to put their property on the market in due course.
“Whilst this will provide house hunters with a slightly larger pool of properties to choose from, we still expect to see several buyers compete over a single property.”
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