As we enter spring, the average UK house price is £232,134, up 6% on March 2020. Transactions are 49% higher than last year, reflecting a surge in sales agreed in summer and the rush to beat the SDLT holiday. House price growth in March slowed (-0.2%), indicating a softening of demand ahead of the original SDLT holiday deadline. Monthly mortgage approvals also slowed in February (-11%). Demand spiked after the announcement of a SDLT holiday extension in England, Wales and Northern Ireland. With demand up 13% and flow of new supply down -13%, we expect upward pressure on house prices. We are likely to see an increase in new listings, as sellers become more comfortable with viewings, as restrictions ease.
What's happening with your property value in the current market?
