That’s the equivalent of £3,876 on an average priced home, according to Rightmove.
The property portal added that the increase in asking prices is in line with the usual March increase.
Choice hits decade-high
Current buyers will benefit from the highest property choice at this time of year since 2015. Although March is one of the best months of the year for sellers to bag a buyer, new Spring sellers may find it more challenging this year, said Rightmove, as they are competing against a decade-high number of other sellers. The number of new sellers is now 8% ahead of this time last year, said the property portal.
The number of sales being agreed is 9% higher than at this time in 2024.
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Stamp duty deadline logjam
Rightmove noted a ‘massive log-jam’ of 575,000 moves in the legal completion process, as many buyers try to beat March’s stamp duty deadline.
This represents a large proportion of the portal’s prediction of 1.15 million final transactions for the whole of 2025.
However, Rightmove’s own stamp duty report identified an estimated 74,000 moves, which includes 25,000 first-time buyers, that will just miss the March 31st deadline, and complete in April instead, at a combined cost of £142 million in extra tax.
Colleen Babcock, property expert at Rightmove, said: “Many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax. Whilst agents tell us that they have been working with both sellers and buyers to factor in the additional charges, many movers are understandably hoping to reduce their tax bill and keep their savings for themselves.”
Nathan Emerson, CEO of Propertymark, added: “It is positive to see the housing market demonstrating ongoing resilience, especially as we continue to see wider economic uncertainty.
“As we approach the summer months, we hope to see a sustained momentum in overall growth; however, a lot will likely depend on if we see inflation fluctuate over the coming months and to the point at which the Bank of England may choose to use invasive action regarding base rates to keep inflation in check.”