March 2025 | Rightmove House Price Index
Want to know what’s happening in the property market this March 2025? Here’s the Rightmove House Price Index: prices are up by 1.1%, with the average asking price now £371,870. Spring buyers are benefiting from the largest property choice in years, despite the stamp duty deadline. Sales are up, and mortgage rates are slightly lower!
As We Move Into March 2025, the Property Market Continues to Show Resilience, With Many Opportunities for Buyers and Sellers.
Despite global uncertainty, the property market is still moving, with plenty of chances for those looking to buy or sell. Here's what you need to know, based on the latest data from Rightmove’s House Price Index.
Price Growth Continues, But Sellers Are Pricing Smartly
This month, the average asking price for properties has risen by 1.1%, or £3,876, bringing the national average to £371,870. This aligns with the usual March trend, but many sellers are staying realistic about their pricing. With so much competition in the market, this sensible approach shows sellers are thinking strategically as they navigate a busy spring season.
Spring Buyers Have the Best Choice of Property in Years
Although new Spring buyers may miss out on stamp duty savings because of the looming deadline, they’ll still enjoy the largest selection of homes on the market in nearly a decade. With a surge of new properties listed for sale, there are plenty of options to choose from — making it an exciting time to buy, even with the upcoming higher tax charges.
Big Backlog in Legal Process as Buyers Rush to Beat Deadline
There's currently a backlog of around 575,000 moves in the legal completion process, with many buyers and sellers rushing to beat the stamp duty deadline at the end of March. As everyone scrambles to finalise deals before the additional costs come into play, there’s a sense of urgency in the market, but it’s still showing signs of strength as we head into spring.
Property Market Holding Strong Despite External Challenges
Despite global uncertainties, the property market is proving resilient, with signs of growth heading into the spring. Sales agreed are up by 9% compared to last year, and the number of new sellers is also up by 8%. These figures suggest strong confidence in the market, even in the face of rising tax costs.
Mortgage Rates Impacting Affordability
Mortgage rates are only slightly lower than this time last year, with the average five-year fixed rate at 4.74%, down from 6.11% in July 2023. That said, affordability is still a concern for many buyers, especially with higher property prices. Rightmove has also welcomed proposals to simplify responsible lending, which could make it easier for buyers to secure mortgage products.
What Does This Mean for You?
If you're thinking of buying or selling in March 2025, now’s a great time to start your plans. While property prices are still rising, there’s plenty of stock on the market, and demand remains strong. Whether you’re looking to buy your next home or sell, make sure you speak with your local avocado partner to get expert advice tailored to the current market.
All the information in this update comes from Rightmove’s House Price Index. Click here to read the full report.
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