A Decade-High in Property Choice

The new season brings fresh momentum to the UK property market. According to Rightmove’s latest data, the average asking price for a property has increased by 1.1% (+£3,876) this month, reaching £371,870. This aligns with the long-term March trend as sellers price competitively in a highly active market

While new buyers won’t be able to take advantage of March’s stamp duty deadline, they will benefit from the highest level of property choice at this time of year since 2015. With more sellers entering the market, buyers now have a greater selection, increasing their chances of finding the perfect home.

Legal Bottlenecks and Market Resilience

Despite a backlog of 575,000 transactions in the legal completion process, many of which are aiming to beat the stamp duty deadline, the market continues to show resilience. The number of sales being agreed is up 9% compared to this time last year, highlighting the ongoing demand for property.

Mortgage Rates and Buyer Affordability

Mortgage rates remain slightly lower than last year, but affordability is still a key concern for buyers. The average five-year fixed mortgage rate now stands at 4.74%, down from a peak of 6.11% in July 2023, but only marginally lower than last year’s 4.84%. Rightmove has welcomed proposals from regulators to explore ways to simplify responsible lending, which could offer further support to buyers in the coming months.

Key Market Indicators:

• +1.1% monthly increase in asking prices, consistent with historical March trends
• 1.0% higher property prices compared to last year
• +9% rise in the number of sales agreed year-on-year
• £371,870 is the national average asking price for March 2025

What This Means for Buyers and Sellers

For buyers, the increase in available properties provides more options and negotiating power, while for sellers, competitive pricing remains crucial to securing a sale. With buyer demand remaining strong and mortgage rates showing signs of stability, this Spring presents a great opportunity for both sides of the market.

Romsey Price Trends

• Average Property Price: £385,126
• Property Types Sold:
  • Semi-detached properties: £387,576
  • Detached properties: £587,250

New Forest Price Trends 

• Average Property Price: £467,700
• Property Types Sold:
  • Semi-detached properties: £387,087
  • Detached properties: £649,929

At Henshaw Fox, we’re here to help you navigate this dynamic property landscape. Whether you’re buying, selling, or simply looking for market advice, get in touch with our expert team today.

📞 Romsey: 01794 521339
📞 New Forest: 02382 541100
📧 Email: homes@henshawfox.co.uk

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