The property market is proving more resilient than many expected.
Despite a sharp rise in mortgage rates driven by global uncertainty, buyers, sellers and landlords are finding reasons to move forward with confidence.
Here is what the latest data tells us - and what it could mean for you.
The overall picture
Average asking prices across the UK rose by 0.8% month-on-month in April reaching £373,971 - a more modest increase than the long-term average of 1.2% across previous months of April.* The number of completed sales sits just 3% below the same point last year, a reassuring sign given that the average two-year fixed mortgage rate has climbed to 5.42% - previously at 4.25% before the onset of the conflict in Iran.*
Meanwhile, wage growth of 3.9% continues to rise quicker than the annual change in asking prices, which have dipped by 0.9% year-on-year, helping to support affordability for many households.
All regional areas saw a monthly increase across average asking prices except for London who saw a marginal decrease of 0.1%.* Scotland continues to lead with a 4.3% monthly increase and 3.8% yearly increase in price, well above the national average with Wales and South East performing well with 3% and 3.2% monthly growth respectively. Scotland also benefits with a fast-paced market, taking only 33 days on average to find a buyer, with the second quickest regional area to complete being the North East at 55 days.*
For sellers
If you’re thinking of selling before summer, the message remains that pricing your home accurately has never been more important. The number of properties available for buyers to choose from is at an eleven-year high* for spring, and that means competition between sellers is fierce. Homes that are priced realistically from day one are far more likely to attract serious interest and secure a sale.
The good news is that agreed prices are holding up well. Just 16.8% of homes sold in England and Wales were sold below the final asking price last month, the lowest number since September 2025.^ On average, the discount between asking price and sale price stood at just 1.5% this spring^, suggesting that buyers are still willing to pay close to the listed price when a property is positioned correctly.
New seller activity has dipped, with fresh listings falling 7% compared to a year ago - the sharpest annual decline in almost twelve months.^ For those who do choose to list now, this reduced competition from other new sellers could work in your favour, as long as your pricing reflects today's market rather than last year's expectations.
For buyers
There is genuine opportunity in the current market if you’re looking to buy. With more homes available than at any point in the past decade, you have greater choice and more room to find the right property at the right price.*
There’s no avoiding the obvious, mortgage rates have risen, with the average two-year fixed rate now at 5.42%.* However, there are signs that rates are beginning to stabilise after the initial shock, and last year’s review of lending limits means many buyers can now borrow more than they could previously.*
First-time buyers in particular are showing remarkable confidence, with 34% of all sales in March coming from first-time buyers, the highest percentage of any March in 20 years.^ We see this demand continuing, with first-time buyers holding the strongest in the sector with only a small drop of 6% in those actively looking – indicating that mortgage rate rises are not putting off first-steppers.
If you are a first-time buyer weighing up your options, the combination of softer asking prices, stronger wages and expanded borrowing capacity makes this a market worth exploring seriously.
For landlords
The rental market is showing signs of renewed momentum after a period of cooling. Average rents across the UK reached £1,311 per month in March 2026, which is a monthly rise of 0.8% and first increase since October 2025. Excluding London, the average stands at £1,125, up 0.4% on the month and 1.6% annually.**
For landlords, this slower pace of growth is not necessarily a cause for concern; it reflects a market finding a more sustainable footing rather than one in retreat. Rents are still growing, and tenant demand remains a structural feature of the market.
Affordability is a key factor shaping the landscape. UK tenants currently spend an average of 32.5% of their income on rent, with London tenants spending 38.3%.** As affordability constraints become more pronounced, well-priced rental properties in accessible locations are likely to attract the strongest interest.
For landlords reviewing their portfolios or considering new acquisitions, the data points to a market where location and pricing strategy matter more than ever. The slowdown in rent growth means the days of automatic annual increases are behind us - but for landlords who price competitively and maintain well-presented properties, demand remains solid.
Looking ahead
The property market has weathered a challenging few weeks with considerable composure. Mortgage rates appear to be settling after their recent climb, and the fundamentals that support moving activity, rising wages, expanded borrowing criteria and strong underlying demand, remain firmly in place.
Whether you are selling, buying or investing, the key is to stay informed, price realistically and take advantage of the opportunities this market presents. Your local branch is here to help you do exactly that, contact us today
