Your monthly UK housing market update. Covering sold prices, asking prices, surveyor sentiment and what’s next for the property market.
Spring has arrived in the housing market, but this year it’s a calmer, more selective environment, with serious buyers keeping activity ticking along.
HM Land Registry – Sold Prices
The latest sold price data suggests the market has entered a quieter, slower phase as 2026 gets underway.
Annual UK sold price inflation eased to 1.3% in the year to January 2026, down from 1.9% in December. Month-on-month movement was minimal, with prices slipping 0.3% between December and January on a non-seasonally adjusted basis and remaining flat once seasonal adjustments are applied.
Regional differences continue to shape the market. England recorded modest growth of 1.1%, while Wales rose 2% and Scotland 1.3%. Northern Ireland once again led the way, with prices up 7.5% year-on-year. Within England, the North West posted the strongest growth at 3.1%, while London fell by 1.7% – reflecting ongoing affordability pressures in the capital.
Sales activity softened slightly, with 95,000 transactions recorded in January. Mortgage approvals also dipped to 60,000, suggesting buyers remain active but increasingly cautious.
Rightmove – Asking Prices
Average asking prices rose 0.8% in March (£3,023) to £371,042 – a fairly typical Spring increase, following February’s flat reading. However, price growth remains modest compared to the past two years, largely because buyers have plenty of choice.
In fact, the number of homes for sale is now at its highest level for this time of year in eleven years, creating more competition between sellers and limiting how far prices can rise.
Encouragingly, activity levels remain relatively resilient. The number of agreed sales is just 2% below the strong market of this time last year, and still 5% ahead of 2024. This suggests many movers are pressing ahead despite economic uncertainty.
Global events, including rising geopolitical tensions, have added a layer of caution. But so far, the market has remained steady rather than reactive. Sellers are still listing, buyers are still negotiating, and the spring moving season is firmly underway.
RICS – Chartered Surveyor Sentiment
Surveyor sentiment paints a slightly more cautious picture, with global uncertainty and rising interest rates weighing on confidence.
The February RICS survey showed new buyer enquiries falling to -26% (down from -15% in January), signalling softening demand after a brief improvement earlier in the year. Agreed sales also edged slightly lower to -12%, although this remains less negative than much of the past six months.
Short-term expectations have also weakened. The near-term sales outlook slipped back into negative territory at -2%, reflecting uncertainty around inflation and the future path of mortgage rates.
However, the longer-term picture remains more optimistic. A net balance of +17% of surveyors expect sales to rise over the next twelve months, while +33% anticipate house prices edging higher over the same period.
Regionally, familiar patterns continue. Northern Ireland, Scotland and parts of the North saw price growth, while London and southern England remained under pressure as affordability constraints hit.
Zoopla – Housing Market Outlook
One of the clearest trends emerging this spring is the growing gap between buyer enquiries and sales activity. Demand from new buyers is currently running 13% below last year’s levels, reflecting caution around mortgage rates and the wider cost of living.
Yet despite fewer buyers entering the market, agreed sales are only around 2% lower than this time last year – highlighting the growing influence of committed movers who already have finance in place.
Supply has also increased. The number of homes for sale is around 6% higher than a year ago, giving buyers more choice and strengthening their negotiating position.
Affordability is tightening for some as mortgage rates edge higher, but the market is still supported by cash buyers and homeowners with substantial equity. For now, the outlook is for modest price growth through 2026, with activity increasingly driven by a smaller pool of serious buyers.
Express Index
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