Your monthly UK housing market update. Including sold and asking prices, RICS surveyor sentiment and predictions for the year ahead.
HM Land Registry – Sold Prices
UK sold prices continue their gentle climb, with average prices rising by 4.9% in the year to January 2025. That means the average UK home now costs £269,000.
On a non-seasonally adjusted basis, average sold prices rose by 0.2% between December 2024 and January 2025. This compares with a small decrease (of just -0.1%) last year.
Within England, the North East saw the sharpest rise, up 9.1%, while London lagged behind with a modest 2.3% increase. Despite these gains, the Bank of England notes many buyers aren’t convinced now is the right time to move. As a result, sentiment remains cautious.
Indeed, sales volumes rose year-on-year (with 95,000 transactions recorded in January, up 14.4%), although monthly figures dipped slightly. Mortgage approvals, a key indicator of buyer intent, also fell slightly in January. This suggests buyers may be pausing to reassess as we head into spring.
Rightmove – Asking Prices
March saw asking prices rise by 1.1% (around £3,800) bringing the average listing price to £371,870. That’s in line with the usual March trend. But sellers are treading carefully. With intense competition and affordability still stretched, many are pricing sensibly rather than pushing for top-end valuations.
Although buyers no longer benefit from the March stamp duty incentive, they’re spoilt for choice. There’s more property on the market this spring than since 2015. That said, a massive backlog of 575,000 sales going through the legal process is slowing completions.
Despite external economic uncertainty, the housing market remains surprisingly upbeat. Agreed sales are 9% higher than last year, and the number of new sellers is up 8%. Mortgage rates have stabilised slightly, with a five-year fix now averaging 4.74%, down from its peak last summer.
Still, affordability pressures linger, and there’s growing support for simplified lending rules to help buyers climb the ladder.
RICS – Chartered Surveyor Sentiment
According to February’s RICS survey, the housing market experienced a modest cooling-off. Buyer enquiries dropped, with the net balance falling to -14%, the lowest since November 2023. Agreed sales also slipped into negative territory (-13%), likely due to the April stamp duty changes disrupting short-term demand.
Despite this slowdown, the overall picture isn’t bleak. While near-term expectations for sales dipped slightly, the outlook over the next 12 months remains positive. A net balance of +32% of surveyors believe sales will rise this year, suggesting confidence in the market’s medium-term prospects.
New listings continue to increase—now marking eight months of steady growth—and estate agents report more market appraisals than last year. House price growth is still ticking upwards (+11%), albeit at a slower pace.
Overall, the market appears stable, but buyers and sellers are waiting to see how economic factors play out.
Zoopla – Housing Market Outlook
Looking ahead, Zoopla predicts a steady stream of sales activity throughout 2025. More sellers are entering the market—many of whom also plan to buy—which should help keep the market moving.
With more properties available and demand still strong, competition is easing. Especially with extra stamp duty costs in England, price growth is expected to remain modest.
For sellers, the key will be getting their pricing strategy right—there’s strong demand, but buyers have more options and are less willing to overstretch. Advice from estate agents will be crucial in finding that sweet spot.
However, increased mortgage approvals and a wider choice of homes suggests the market is in a healthier place than it was a year ago—albeit still shaped by wider economic uncertainty.
Express Index
For a full, comprehensive breakdown of current property market activity. Visit our Express Index here
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