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.

Average prices rise 1.1% (+ £3,876) this month to £371,870, with many sellers pricing sensibly given increased competition to sell.

• 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

“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. The big milestone ahead in England is the stamp duty deadline, and with a massive log-jam of 575,000 moves going through the legal completion process, many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax. Whilst agents tell us that they have been working with both sellers and buyers to factor in the additional charges, many movers are understandably hoping to reduce their tax bill and keep their savings for themselves.

“The pipeline of sales going through the completion process, as well as new sales being agreed, are signs of the strength of the important Spring housing market. It’s encouraging to see new activity continue to track above last year’s level. One of the clouds hanging over the market is persistently high mortgage rates. While there’s now more of an understanding among movers that rates aren’t heading back to previously ultra-low levels, many will have been hoping that they would drop more quickly.”

Colleen Babcock, property expert at Rightmove