The UK property market is currently undergoing some noticeable changes, affecting everyone from homeowners to buyers.
With interest rates fluctuating and house prices adjusting, staying informed about the latest trends is more important than ever.
Whether you're looking to move, invest, or understand what’s happening in the property market, knowing where things stand can help you make better decisions.
Over the past year, economic conditions have played a major role in determining house prices and mortgage rates. Many potential buyers are watching interest rates closely, while sellers are deciding whether now is the right time to list their property.
March is often a busy period in the property market, with the arrival of spring encouraging more people to buy and sell. However, as expected by many in the industry, there was no mention of a Stamp Duty deadline extension in the recent spring statement. That means April 1st could come as a costly blow for thousands of home movers and first-time buyers who now face an extra £2,500 in stamp duty charges.
Industry voices, including Rightmove, had been calling on the Chancellor to offer a short extension to help those already mid-purchase complete their transactions without being stung by the extra cost, but this has not materialised.
Understanding these developments and their potential impact can help buyers and sellers plan their next steps with greater confidence .
During February, UK house prices experienced a slight decline of 0.1%, bringing the average property value to £298,602. This unexpected dip follows a period of consistent growth.
The Royal Institute of Chartered Surveyors (RICS) reported that February marked the weakest month for the housing market since late 2023. A net balance of 14% of agents and surveyors noted a drop in new buyer enquiries, the lowest since November 2023. Additionally, 13% reported a decrease in agreed sales, with London experiencing a more pronounced downturn.
Mortgage rates have also seen some fluctuations. As of March 1st, the average two-year fixed mortgage rate stands at 4.87%, down from 5.01% at the start of February. The average five-year rate decreased to 4.69% from 4.81% over the same period. However, concerns about rising inflation may influence future rate decisions.
It's not all bad news though! Some regions continue to show resilience and the recent reduction in the Bank of England's base rate to 4.5% may lead to more competitive mortgage deals, potentially easing the path for prospective buyers.
UK house prices saw a slight decline of 0.1%, bringing the average property value to £298,602.
As of March 1st, the average two-year fixed mortgage rate is 4.87%, and the average five-year rate is 4.69%.
With the traditional spring surge, it can be a great time to sell. However, setting a realistic price and ensuring your property is well-presented are crucial.
For home owners considering selling their properties, current market conditions present both challenges and opportunities.
Generate a full report on your own property including an instant estimated valuation here.
Prospective buyers should navigate the current market with careful planning.
The property market's trajectory will depend on various factors, including economic policies, interest rate decisions, and regional supply and demand dynamics.
Navigating the current property market requires informed decision-making. At Shinerocks, we offer tailored advice to meet your unique needs. Whether you're buying or selling in Purley, Croydon or Surrey, our team is here to help.
Contact us on 020 8660 2010 or email enquiries@shinerocks.co.uk to discuss your property needs.
Note: The information in this article is based on data as of February/March 2025 and may change. Always seek professional advice for specific circumstances.
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You can also call us on 020 8660 2010, or email enquiries@shinerocks.co.uk.
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