Property Market Updates: Q1

National view

The UK property market is stepping into spring with renewed energy, as average asking prices rose by 1.1% (+£3,876) to £371,870 this month, according to Rightmove’s latest House Price Index. This seasonal uplift is in line with typical March trends and suggests that sellers are pricing sensibly in a competitive market; in fact, the market is the most competitive we’ve seen in over a decade.

Buyer demand is also gaining traction. While the current wave of spring movers won’t have beaten this month’s stamp duty deadline, they will benefit from the highest number of available properties for sale at this time of year since 2015. The number of sales agreed is now 9% higher than this time last year, reflecting growing confidence among buyers even in the face of global uncertainties.

On the supply side, the market is equally strong, with new seller listings up 8% year-on-year. Regarding annual capital growth, Zoopla reports that semi-detached homes are leading the way, rising 2.6% (or £6,820) to an average of £274,100.

All of this comes together to point to a resilient and active market as we transition into summer, which should be encouraging news for both those looking to sell and those planning their next move. 

Northwest 

As we move further into spring, the Northwest property market is showing signs of renewed activity, despite a cautious start to the year. Rightmove reports that average asking prices have increased by 1.5% month-on-month and are up 2.6% annually, bringing the regional average to £263,855. Properties are currently taking an average of 67 days to secure a buyer, reflecting a relatively brisk pace for the region.

A key factor tempering transaction volumes early in the year was the slower-than-expected response from lenders to Base Rate reductions. Buyers targeting sub-4% mortgage rates have often been required to stretch to higher loan-to-value (LTV) products, making affordability a challenge for some and slowing market momentum in the first three months of the year.  

However, confidence is growing. Much of the current activity is being driven by homeowners coming to the end of fixed mortgage terms and those re-evaluating their lifestyle or space needs. Location remains a key driver, with high-demand areas like Didsbury, Stockport, and Prestwich continuing to perform well due to strong capital growth prospects. Investors are increasingly factoring in long-term appreciation as much as immediate rental yields when making decisions.

The speed and certainty of auctions has ensured they remain a popular option. Particularly for refurbishment opportunities or those properties located in less traditionally popular areas offering attractive pricing and strong investor interest. While location remains the key factor driving demand, as shown in Didsbury, well-presented properties requiring minimal upgrades are moving quickly irrespective of postcode.  

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