UK House Prices Rise by £2,000 in February as Stamp Duty Deadline Looms

Slower growth in asking prices reflects heightened seller competition and upcoming tax changes, Rightmove reports.

The average asking price for a newly listed home in the UK increased by 0.5% in February, adding £1,805 to reach £367,994, according to Rightmove.
The rise is below the long-term average of 0.8% and follows a stronger 1.7% increase in January.
The March 31 end of the temporary stamp duty holiday in England and Northern Ireland is driving a surge in transactions, with 550,000 properties currently in the completion process—25% more than last year.
First-time buyers in high-priced areas like London face significant challenges due to additional stamp duty costs and a backlog in conveyancing, with 28% more first-time buyers in the capital navigating the process compared to last year.
Rightmove has called for reforms to the stamp duty system, including regional variations and a short extension to the tax break, while noting that market activity is expected to remain stable beyond the deadline.