UK Housing Market Sees Decade-High Property Listings as Stamp Duty Deadline Nears

Buyers face increased competition and stable but high mortgage rates, with some set to miss tax savings before April changes.

The average UK home price rose by 1.1% in March to £371,870, consistent with seasonal trends, as property listings hit their highest level in a decade.
An estimated 74,000 transactions, including 25,000 first-time buyers, are expected to miss the March 31 stamp duty deadline, potentially costing buyers a combined £142 million in extra taxes.
Despite the upcoming stamp duty changes, sales agreed are up 9% year-on-year, with buyers benefiting from greater property choice and sellers pricing competitively.
Mortgage rates remain high, with the average five-year fixed rate at 4.74%, slightly below last year but still challenging for affordability, particularly for first-time buyers.
Experts predict modest house price growth for 2025, with potential market shifts tied to upcoming interest rate decisions and economic conditions.