Your monthly UK housing market update. Covering sold prices, asking prices, surveyor sentiment and what’s next for the property market.
The market holds firm, but local conditions matter more than ever.
HM Land Registry – Sold Prices
March’s sold price data suggests a broadly settled housing market.
UK sold price inflation fell to 0% in the year to March 2026 (down from 1.7% in February), leaving the average UK home unchanged at £268,000. Prices also slipped slightly month-on-month, down -0.4% on a non-seasonally adjusted basis and -0.2% once seasonal factors are applied. While hardly dramatic, it points to a market that’s paused for breath after stronger conditions a year ago.
The regional story remains nuanced. Wales recorded 2.9% annual growth, Scotland rose 1.6%, and Northern Ireland continued to lead the way at 7.4%. England, meanwhile, dipped 0.6%, with London falling 2.1%.
Encouragingly, activity hasn’t stalled. Transactions rose to 104,000 sales in March, while mortgage approvals increased to 63,500. It shows buyers are still moving, even if they’re taking a little longer to make decisions.
Rightmove – Asking Prices
While sold prices have flattened, asking prices tell a more upbeat story.
Average asking prices rose 1.2% (£4,333) in May to £378,304 – just beating the ten-year May average of 1%. Despite global uncertainty and pressure on household finances, sellers appear surprisingly confident.
Dig a little deeper, though, and a familiar theme emerges. The North East (+2.7%) and North West (+2.6%) continue to see healthy growth, while London (-2.4%) and the South East (-1.6%) remain under pressure. Affordability is increasingly shaping the market, and the gap between north and south is becoming harder to ignore.
Buyers also have plenty of choice. The number of homes for sale is at its highest level for this time of year since 2015. As a result, almost a third of listings have reduced their asking price. Rightmove’s figures show why that matters: homes priced correctly from day one sold in just 36 days, compared with 127 days for those with a reduction.
RICS – Chartered Surveyor Sentiment
The latest RICS survey struck a cautious tone. New buyer enquiries are at -34% with agreed sales at -36%, suggesting higher borrowing costs are still weighing on demand. While that’s a slight improvement on previous readings, activity remains subdued.
The bigger story is confidence.
Near-term sales expectations remain weak at -32%, while the twelve-month outlook has slipped into negative territory at -6%. In simple terms, surveyors aren’t expecting a major recovery any time soon.
House prices are also facing greater pressure. The headline price balance deteriorated to -34%, down from -25% last month. Once again, the regional divide stands out. London, the South East, East Anglia and the South West continue to see the greatest downward pressure, while parts of the North, along with Scotland and Northern Ireland, remain resilient.
Zoopla – Housing Market Outlook
The market has held up better than many expected despite mortgage rates rising from around 4% at the start of the year to 5% in April. Rates have eased slightly since then, but they’re still higher than many buyers had hoped for entering 2026.
Even so, sellers are entering the market in healthy numbers, suggesting households are pressing ahead with plans despite the uncertain backdrop. That growing supply should help keep prices in check, with Zoopla expecting house price inflation of around 1.5% this year.
The biggest unknown remains the wider economy. Inflation, borrowing costs and the longer-term impact of events in the Middle East all have the potential to influence confidence over the months ahead.
For now, the message is simple: the market is still moving, but local conditions matter more than ever. In 2026, understanding your specific area is more valuable than any national headline.
Express Index
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