Rightmove - "Decade-high choice to benefit Spring buyers who miss stamp duty deadline"
The property market remains resilient despite the stamp duty deadline. Positive signs for the Spring include the number of new sellers coming to market and the number of sales agreed both being higher than the same period in 2024. Asking prices have grown by 0.2% compared to last year in Norfolk.
Headlines from today's latest Rightmove House Price Index
The average price of property coming to market for sale rises by 1.1% (+£3,876) this month to £371,870, in line with the long-term March average increase, as many new sellers price sensibly amid decade-high competition to sell:
While new Spring buyers will not beat this month’s stamp duty deadline, they will benefit from the highest property choice at this time of year since 2015
Massive log-jam of 575,000 moves in the legal completion process, with many trying to beat March’s stamp duty deadline
Despite ongoing global uncertainty, the property market remains resilient, with positive signs of growth heading into Spring:
The number of sales being agreed is 9% higher than at this time in 2024, a positive sign for the market post-stamp-duty increase, and the number of new sellers is now 8% ahead of this time last year
Mortgage rates remain only fractionally lower than at this time last year as buyer affordability remains stretched, and Rightmove welcomes proposals by the regulator to look at ways responsible lending can be simplified:
The average five-year fixed mortgage rate is now 4.74%, down from the peak of 6.11% in July 2023, but only marginally lower than the 4.84% at this time last year
To read the new Rightmove House Price Index please click this link and take me to the New Rightmove House Price Index
Source - Rightmove