Overview

• The average UK home price rose by 1.1% in March to £371,870, consistent with seasonal trends, as property listings hit their highest level in a decade.
• An estimated 74,000 transactions, including 25,000 first-time buyers, are expected to miss the March 31 stamp duty deadline, potentially costing buyers a combined £142 million in extra taxes.
• Despite the upcoming stamp duty changes, sales agreed are up 9% year-on-year, with buyers benefiting from greater property choice and sellers pricing competitively.
• Mortgage rates remain high, with the average five-year fixed rate at 4.74%, slightly below last year but still challenging for affordability, particularly for first-time buyers.
• Experts predict modest house price growth for 2025, with potential market shifts tied to upcoming interest rate decisions and economic conditions.