Step into Spring

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 an SDLT holiday extension in England, Wales, and Northern Ireland. We expect upward pressure on house prices with demand up 13% and flow of new supply down -13%.

We are likely to see an increase in new listings as sellers become more comfortable with viewings, as restrictions ease.

Source: Dataloft, Nationwide, HMRC, Bank of England, Zoopla

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Polly Greenway

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