March Property Market Analysis

How did March’s property market pan out? The portals shared their insights, while there was some fascinating news on the wider property market. If you’re serious about moving, here’s the state of play as British Summer Time officially starts.

March saw Rightmove’s average asking price reach £371,042. Sellers felt confident, requesting 0.8% more for their home last month, compared to February. In monetary terms, the UK’s average asking price jumped £3,023.

Best choice for buyers in more than a decade

Buyers also had a greater choice of properties for sale. Rightmove’s latest House Price Index revealed the number of homes for sale in March was its highest level for 11 years. This is when comparing the same month, retrospectively.

A new final sold price achieved
The UK’s average asking price, however, is not the same as the UK’s average property price. Rightmove’s figures are based on the open market advertised price. What a seller initially asks for is not always the final price the purchaser pays.

Therefore, Zoopla’s House Price Index needs interpreting differently. Its figures incorporate sold prices, mortgage valuations and data for recently agreed sales. This more accurately reflects the sum agreed after negotiations.   

In March, Zoopla found the UK’s average house price was £270,500. When looking at annual trends, this is a 1.3% increase over the last year. The story differs when looking at monthly trends on a house type basis.

Between January and February, both detached and semi-detached homes increased in value by £1,300. The next best performer was terraced houses, rising £800. Only flats and maisonettes dropped in value, dipping £100 in a four-week period.

If a purchase – whether to live in or rent out - is being driven by affordability, a new report by Nationwide may be of interest. It crowned Inverclyde in Scotland as the UK’s most affordable local authority. The top five also comprised Burnley (North West), Hartlepool (North), Kingston upon Hull (Yorkshire) and Merthyr Tydfil (Wales). The building society categorised ‘affordable’ using a house price to earnings ratio.

2 week mortgage shelf life confirmed
The mortgage market in March was fluid, with some movement due to wider economic volatility. The trend looks set to continue, with critical advice for buyers: if you are offered an affordable deal, act quickly. This comes as new research from Moneyfacts found mortgage products are typically available for two weeks before they are withdrawn.

There was also news regarding landlords borrowing. Bank of England data indicated buy-to-let mortgage advances increased more than 20% in 2025, when compared to 2024. The best quarter for landlord lending was the last quarter of 2025, illustrating how incoming reforms are not denting investor aspirations.

Average rent decreased just £1 less
March also saw a new HomeLet Rental Index. The UK’s average rent for new tenancies steadied, decreasing just £1 in the last tracking period. There were, however, monthly increases in the South East, South West, North West, Scotland, and Yorkshire & The Humber. Newly agreed tenancies now cost £1,301 per month. 

With rents continuing their overall upward trend (2% annual inflation to date), and the Renter’s Rights Act banning large rent in advance payments in England from 1st May 2026, guarantors proved to be a hot topic. The latest Alto 2026 Agency Trends Report found 1 in 3 agents surveyed reported an increase in landlords requesting guarantors. As a reminder, landlords in Scotland can currently request tenants pay 6 months’ rent in advance. There is no cap on rent in advance’s value in Wales. 

If you would like to know more about your local property market, please get in touch.