>> key property market highlights:

• Year-on-year, house price inflation has increased slightly to 1.3%*
• Northern regions continue to outperform, with the North West recording growth of up to 3.5%*
• Rental prices have increased by 1.8% year-on-year^
• Average rent on new lets is £1,311 per month^

The UK property market has shown notable resilience as we move into spring. Despite ongoing economic uncertainty and higher borrowing costs, activity continues to be supported by a core group of motivated, committed buyers. Annual house price inflation currently stands at 1.3%, signalling a relatively stable pricing environment rather than rapid growth or widespread decline. As a result, the average UK house price now sits at £270,500.* 

Sales agreed are running just 2% below the same period last year, which points to a market that is still functioning well, particularly among committed movers who have already secured mortgage agreements and are pressing ahead with their plans. However, buyer enquiries have dipped more noticeably, falling 13% compared with a year ago, as a growing number of early-stage movers adopt a “wait and see” approach in response to recently impacted mortgage rates.* 

Regionally, the familiar north–south divide persists. The North West continues to set the pace with annual price growth of 3.5%, driven by relative affordability and strong local demand. In contrast, parts of southern England, including London and the South East, are recording flat or slightly negative price movement as stretched affordability weighs on activity.* 

what this means for sellers

Supply across the market continues to build, with 6% more homes currently listed for sale compared with this time last year.* For sellers, this means greater competition for buyers’ attention, making it all the more important to present your property at its best and, crucially, to price it accurately from the outset. 

The pool of active buyers is somewhat smaller than it was twelve months ago*, and those who are searching tend to be more discerning and price-conscious. Homes that are realistically priced are still attracting strong interest and selling well, but overpriced properties risk sitting on the market for longer and ultimately achieving less. Getting your pricing strategy right from day one has never been more critical. 

what this means for buyers

If you’re in the market for a new home, conditions are tilting in your favour. With 6% more properties available than a year ago and buyer demand sitting 13% below last year’s levels, there is noticeably less competition for the homes you’re viewing.* That translates into greater choice, and, in many cases, more room to negotiate on price. 

Mortgage rates have risen by approximately 0.4 percentage points over the past month, with many sub‑4% deals withdrawn.* As a result, buyers are understandably more cautious. However, those with finance agreed and a clear intention to move continue to transact, supported by less competitive conditions and increased supply. 

For buyers who are prepared and realistic, the current market offers breathing space. Sellers are increasingly aware that buyers hold more negotiating power than they did a year ago, and a larger pool of available homes means you can afford to be selective and find the right property rather than feeling pressured into a hasty decision.* 

your regional property market overview

The regional picture continues to highlight a clear divide between the more affordable northern markets and the higher‑value areas of southern England. The North West remains the standout performer, with prices rising 3.5% year on year, followed by the North East at 2.8%, Scotland at 2.6% and Yorkshire and the Humber at 2.2%.* These regions are benefiting from stronger affordability, which is helping to sustain buyer demand even as mortgage costs continue to edge upwards. 

At the other end of the spectrum, London and the South East are both recording marginal price declines of -0.2%, while the South West sits at 0%. The East of England is seeing modest growth of 0.6%, and the East and West Midlands are posting gains of 1.2% and 1.9% respectively.* These figures reflect the extent to which affordability constraints are tempering demand in the south. 

Turning to Wales, annual house price inflation stands at 2.1%, comfortably above the UK average of 1.3%. Cardiff, the capital, has recorded growth of 1.1% over the past year, with an average property price of £257,700.* Wales’s relative affordability compared with much of England continues to attract buyers looking for better value. 

Scotland is also performing well above the national average, with annual growth of 2.6%. Edinburgh is seeing prices rise by 1.5% year-on-year to an average of £282,100, while Glasgow is recording growth of 2.9% with an average price of £163,700.* The relative affordability of Scottish housing stock continues to attract strong interest, particularly among first-time buyers seeking a foothold on the ladder. 

your UK rental market snapshot

According to the latest rental index, the average UK rent now stands at £1,311 per calendar month (pcm). This is 1.8% higher than a year ago, and  0.8% higher than in February.^ 

Outside London, average rents on new lets rose slightly month on month by 0.4% to £1,125 pcm. Rents also remain 1.6% higher than a year ago, highlighting continued underlying demand.^  

London's average rents have reached £2,097 pcm, up 1.4% month-on-month and 1.8% year-on-year. With demand continuing to outstrip supply, the capital's rental market shows little sign of cooling.^ 

Regionally, the North East and Scotland continue to record the strongest annual rental growth, with rents up 3.2% and 3.6% year on year respectively, followed by Yorkshire and the Humber at 2.8%.^ This pattern points to a resilient rental market in these areas, underpinned by sustained and steady demand from tenants. 

By contrast, rents in the East Midlands and the South East continue to rise, but at a more modest pace, up 1.2% and 0.9% year on year, bringing average rents to £908 and £1,431 respectively. The East of England is the only region to record an annual decline, with rents dipping by 1% to £1,282.^ 

It's also worth keeping in mind that the Renters' Rights Act is due to come into force on 1 May 2026, and it's set to bring significant changes to the private rented sector. This includes Section 21 'no-fault' evictions being abolished, giving tenants greater security of tenure, although landlords will still have grounds to gain possession. Landlords will need to ensure their properties and practices are fully up to date with the new compliance requirements. 

If you're a landlord, it's worth seeking advice sooner rather than later on what these changes mean for you. Our experienced team is here to help guide you through the transition.