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Consumer Discretionary
The UK property market has shown remarkable resilience in the face of rising stamp duty charges, as Rightmove reports a notable increase in asking prices for March 2025. Despite the impending hike in stamp duty coming into effect on April 1, buyer interest remains robust, with many determined to secure their dream homes.
Asking Price Increase: The national average asking price has risen by 1.1% to £371,870, marking a third consecutive month of growth. This increase aligns with long-term trends for the month of March, traditionally a strong period for the housing market[1][3].
Year-on-Year Performance: Prices are 1.0% ahead of where they were a year ago, reflecting the market's ability to absorb monetary policy changes without faltering significantly[5].
Record Seller Numbers: A record number of sellers have entered the market since the start of 2025, offering buyers the highest level of choice at the beginning of a year since 2015. However, this surge in listings also means sellers face stiff competition, necessitating realistic pricing strategies to attract buyers[4].
One of the major factors driving activity in the market right now is the looming stamp duty increase. As of April 1, 2025, buyers will face higher tax bills on purchases, which has led to a rush to complete transactions before the deadline. Rightmove estimates a massive log-jam of around 575,000 properties in the legal completion process as buyers attempt to avoid the extra costs associated with the new rates[1][3].
The performance of the property market varies by sector:
First-Time Buyers: The average asking price for first-time buyers has risen by 0.5% to £227,965, reflecting modest growth in this segment[3].
Second-Steppers: Prices for second-steppers increased by 0.8% to £343,802, showing a slightly stronger recovery in mid-market properties[3].
Top of the Ladder: At the higher end, there was a more significant increase of 2.1% to £673,111, indicating a robust demand for luxury properties[3].
The UK property market exhibits regional variations in terms of asking price growth:
Scotland: Experienced the fastest growth with a 3.8% month-on-month increase, highlighting its strong market dynamics[5].
Wales: Asking prices rose by 2.9%, demonstrating a strong housing market in the region[5].
London: Despite slower growth, London remains the most competitive and expensive market with an average price of £695,885[5].
Mortgage rates continue to play a significant role in buyer affordability. Although rates have dropped from their peak in July 2023 to around 4.74% for a five-year fixed mortgage, they remain relatively high compared to previous years[1][3].
Despite the looming stamp duty hikes and ongoing economic uncertainties, the UK property market is showcasing resilience. With record numbers of sellers providing buyers with increased choice and mortgage rate predictions indicating potential drops, 2025 is poised to be a busy year for property transactions. However, sellers must remain competitive in their pricing strategies, and buyers will need to navigate higher costs effectively to succeed in this dynamic market.
This scenario sets the stage for an interesting year ahead, where market players must adapt to changing economic conditions and policy shifts to achieve their goals in the housing market.
