Your monthly UK housing market update. Covering sold prices, asking prices, surveyor sentiment and what’s next for the property market.
A calmer market, with rising costs testing buyer confidence.
HM Land Registry – Sold Prices
February’s sold price data suggests the market is ticking along, but without much urgency.
Annual UK sold price inflation edged up to 1.2% in the year to February 2026. This was up from 1% in January, leaving the average home at £268,000. Month-on-month movement was minimal, with prices rising 0.1% on a non-seasonally adjusted basis and 0.6% once seasonal factors are accounted for.
As ever, the regional picture tells an interesting story. Yorkshire and the Humber led at 3.9%, while London saw a sharper fall of -3.3%, underlining continued pressure at the top end of the market. Northern Ireland remained the standout at 7.5% growth.
Sales activity showed mixed signals. Transactions rose by 5.6% between January and February, but remained exactly 5.6% lower than last year. Mortgage approvals increased slightly to 62,000, just below recent averages.
In short, it’s a market that’s moving, but cautiously.
Rightmove – Asking Prices
Average asking prices rose 0.8% in April (£2,929) to £373,971. This is broadly in line with seasonal trends, but below the long-term average for this time of year.
So what’s behind the steady pace?
Mortgage rates jumped, with the average two-year fixed deal rising to 5.42% (adding roughly £235 per month to a typical new mortgage). That shift is already feeding into behaviour, although it’s still too early to understand how global events, including the war in Iran, will play through into pricing and demand.
Buyer demand is running -7% below last year’s levels, although it’s worth remembering that early 2025 was unusually strong due to stamp duty changes. Encouragingly, agreed sales are holding up, sitting just -3% below last year.
There’s still a sense of resilience. Buyers haven’t disappeared, and with earnings up 3.9% while asking prices are 0.9% lower year-on-year, 2026 is shaping up to be a good year for well-prepared buyers.
RICS – Chartered Surveyor Sentiment
The March RICS survey adds an extra layer of caution, driven largely by rising borrowing costs and global uncertainty. New buyer enquiries fell to -39%, down from -29%, marking the weakest demand reading since mid-2023. Agreed sales followed suit, dropping to -34%.
Short-term expectations have shifted noticeably. The near-term sales outlook now sits at -33%, a sharp deterioration from the neutral reading last month. At the twelve-month horizon, sentiment has also cooled, with expectations slipping to -1%.
At the same time, supply hasn’t surged. New instructions remain slightly negative at -6%, but unsold stock is building. Agents now hold an average of 47 properties, up from 45 earlier in the year.
House prices are also feeling renewed pressure, with the national balance slipping to -23%. Looking further ahead, 12-month expectations sit broadly flat at +2%. It suggests a market that isn’t falling, but no longer showing strong momentum.
Zoopla – Housing Market Outlook
Zoopla’s latest outlook highlights just how finely balanced the market currently is.
After a sharp rise in mortgage rates through March, rates drifted slightly lower over Easter. That fed into a slight rebound in buyer enquiries, although the bigger question is how rates will change over the year and how rising living costs will affect confidence.
For now, the expectation is that sales volumes will hold up through 2026, supported by a core group of committed buyers. Price growth will remain modest, with Zoopla forecasting around 1% to 1.5% annual growth.
The regional story remains key. The North-South divide in both sales speed and price growth is expected to persist, with stronger demand and faster sales in more affordable markets.
For sellers, the message is clear: well-priced homes are still finding buyers. For buyers, conditions are improving, but the best-value properties are moving quickly.
Express Index
For a full, comprehensive breakdown of current property market activity. Visit our Express Index here
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