House Price Index

Housing market steady so far in March despite global uncertainty 

The March market is steady so far despite the new global uncertainty created by the Iran war. However, it’s too early to see the full impact of this.

A current snapshot of daily market activity shows that the number of sales being agreed is only 2% behind the strong market of this time last year (caused by the Stamp Duty deadline), and 5% ahead of 2024.

Confidence among movers remains steady

This suggests that home-movers are continuing with deals despite headlines about potential mortgage rate rises and increases to fuel and energy costs. In addition, the number of new listings coming onto the market over the same period is just 3% lower than last year, and 7% higher than 2024.

These stats suggest that seller confidence is so far staying steady, with many continuing to take part in the spring selling window. Demand from new buyers was already running lower than in last year’s busier market but has not fallen any further since the beginning of the Iran war.

It’s too early to see clearly how these major global events will affect the market. However, Rightmove has not seen the same kind of immediate and sharp response from movers that we saw for previous events such as stamp duty changes or the rapid mortgage rate rises in September 2022.

Price growth limited by choice of homes for buyers

The average price of newly listed homes for sale rises by 0.8% (+£3,023) in March to £371,042. This is a typical price increase for this time of year, following unusually flat prices in February.

We can see the usual effect of the spring selling season on prices, but growth remains modest. This is in line with average figures over the last 20 years but is lower than price increases seen for the past two years.

Price growth is being limited by a large number of homes coming onto the market – the biggest increase we’ve seen in eleven years. This is giving buyers more choice and forcing new sellers to be more restrained and realistic when pricing their properties.

The numbers at a glance

*Data provided by specialist mortgage technology provider Podium Solutions. The data covers 95% of mortgage lending, to exclude specialist lenders.

Expert comment

Colleen Babcock, property expert at Rightmove:

“March has brought a typical seasonal lift in prices, and ‘steady rather than strong’ is how I’d describe the start of this year’s spring market. With the number of homes for sale at its highest level for over a decade, buyers have plenty of choice.

“Many sellers are facing stiff competition and the longest average time to sell at this time of year since 2013. In this kind of market, being not only competitive on price, but competitive from the outset when setting an asking price for your home is critical.

“Market activity remains stable so far in March. This is encouraging given the new global uncertainty over the last few weeks, though it’s too early to tell what may happen later down the line.

“That said, uncertainty is never helpful for market activity, and it’s come at a time when confidence and optimism would usually be building as the spring market gets underway.”

Average asking price trends

Monthly average asking price trend

This graph shows the modest 0.8% price increase seen in March to £371,042. This is a typical increase in prices for this time of year, and is limited by the large number of properties coming onto the market.

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5 year asking price trend

This data shows average asking prices in the UK over the past five years. Here you can see the usual seasonal pattern for prices, including the usual rise in March as we head into the spring.

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Monthly changes in average asking prices

Here we see how much house prices have increased or decreased each month over the past year. The 0.8% increase for March 2026 reflects the start of the spring selling season, when prices usually start to rise.

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Average stock per agent

Here we see the average of the number of homes per agent across the UK. The number of homes currently for sale is at its highest level for eleven years, given the time of year.

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Time to secure buyer (National)

This data shows the average amount of time it takes for a property to secure a buyer. With so many homes coming onto the market, competition is fierce, leading to the longest time to find a buyer at this time of year since 2013.

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Regional map

UK House Price Index by region

This map shows the UK House Price Index by region, illustrating how property price trends vary considerably for different parts of the UK. Here we see that Scotland continues to experience the most house price growth, with a 2.4% increase in March.

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London trends

Time to secure a buyer in London

This graph shows the monthly average number of days it takes for a seller to secure a buyer in London. This gives an idea of how active the property market is there, peaking at 89 days in January.

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Affordability trends

Average monthly amount spent on a first-time buyer home

For this graph, the first-time buyer monthly mortgage payment is based on Bank of England data of the averages for 90% LTV two-year fixed mortgages from lenders, and the average asking price of a typical first-time buyer home (two bedrooms or fewer) using the Rightmove House Price Index. The equivalent monthly rent is calculated using the same property types (two bedrooms or fewer).

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Ability to afford a first-time buyer home

This affordability graph is based on the Average Weekly Earnings (AWE) dataset from ONS multiplied by 4.5 to get the typical maximum that a person can borrow from a lender. The average asking price of a typical first-time buyer home is taken from the Rightmove House Price Index.

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