Your monthly UK housing market update. Covering sold prices, asking prices, surveyor sentiment and what could be next for the property market.
HM Land Registry – Sold Prices
Annual house price inflation has continued its climb, with UK-wide prices rising by 6.4% in the twelve months to March 2025—up from 5.5% the month before. That pushes the average sold price to £271,000, around £16,000 higher than this time last year.
Regionally, England’s average sits at £296,000, while Wales (£208,000), Scotland (£186,000) and Northern Ireland (£185,000) also had solid gains. Once again, Northern Ireland leads with a sharp 9.5% annual increase.
At the regional level in England, the North East saw the strongest annual growth at 14.3%, while London trailed at just 0.8%.
Transaction volumes tell their own story: a massive 177,000 sales completed in March, more than double last year. Many buyers rushed to complete before the April stamp duty changes.
Still, mortgage approvals dipped for the third month, and the Bank of England reports economic uncertainty is weighing on buyer confidence.
Rightmove – Asking Prices
Despite a slower late Spring market, asking prices hit yet another high this month. The average new listing now comes in at £379,517, up 0.6% (£2,335)—although this is the smallest May price rise since 2016.
The surge in available homes, now 14% above last year, seems to be dampening price momentum. Buyers have more choice and sellers must remain realistic.
Buyer demand dipped in April, falling 4% below 2024 (likely linked to the recent stamp duty increase). But activity over the year-to-date remains 3% higher than 2024. Encouragingly, agreed sales are up 5% on this time last year, suggesting well-priced homes are drawing offers.
Looking ahead, a recent Bank Rate cut could boost affordability. The average two-year fixed mortgage is now down to 3.72%, offering a potential lifeline for buyers waiting on the sidelines.
RICS – Chartered Surveyor Sentiment
Surveyor sentiment remains cautious, with buyer demand slipping further in April. The net balance for new enquiries dropped to -33%, marking the weakest reading since last summer. Agreed sales also saw a steeper fall, dipping to -31%, while near-term sales expectations remain in the red at -15%.
Still, the longer-term outlook is more optimistic. A net balance of +17% of surveyors expect sales to rise over the next year, a modest improvement from last month. House prices are broadly flat for now, with a net balance of -3%. But expectations are holding up, with +39% anticipating growth over the next 12 months.
Scotland and Northern Ireland continue showing strong performance, while Yorkshire and the South West are among the few areas seeing price falls.
Encouragingly, supply levels are holding steady. New instructions were up slightly for the second consecutive month, and market appraisals were stable. This suggests sellers are still active even as buyers tread carefully.
Zoopla – Housing Market Outlook
Zoopla’s latest update highlights a clear trend: house price growth and market activity remain strongest in more affordable areas, particularly outside the South of England.
As we head further into 2025, they predict modest price gains and a rise in sales, supported by increased buyer confidence.
That renewed confidence is largely down to stronger mortgage competition and relaxed affordability testing, helping buyers borrow up to 20% more than last year. As a result, sales volumes are picking-up, and transaction levels are expected to rise throughout the second half of the year.
Sellers will need to adapt pricing strategies based on local supply and demand trends, while buyers should tailor offers to reflect regional conditions.
Overall, the housing market is well set for 5% more sales in 2025 compared to last year, with just enough price inflation to keep both sellers and buyers engaged and active.
Express Index
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