• The average price of property coming to market for sale rises by 0.5% (+£1,805) this month to £367,994, a muted price rise for this time of year as new sellers lower price expectations, due to the looming stamp duty deadline and high competition:
  • The number of available homes for sale is at a 10-year high, moderating the New Year price surge
• The stamp duty deadline will impact some regions and movers more than others, with a conveyancing log-jam expected:
  • There are more than 550,000 homes sold yet awaiting legal completion, 25% more than at this time last year
  • First-time buyer purchases between £500,001 and £625,000 are most affected, with an extra £11,250 at risk for this group if the deadline is missed, with a log-jam expected as some scramble to complete before March 31st
  • Moving activity remains robust after the first full month of 2025 compared to a year ago, with the number of new sellers coming to market now 13% ahead, buyer demand 8% ahead, and sales agreed numbers up by 15%
  • Slower price rises are supporting underlying activity levels, with no major drop-off in activity expected from April
• January was a record month for applications for a Mortgage in Principle on Rightmove, 49% more than January 2024
• Global and economic news continues to affect market sentiment and outlook, with attention turning to upcoming inflation and earnings figures. While mortgage rates remain high, they are now on a downward trend

The average price of property coming to the market for sale rises by 0.5% this month (+£1,805) to £367,994. After a fast start to the year which saw average asking prices rise by more than usual, February’s price increase is more subdued, below the longer-term average of +0.8%. This month’s lower price trend appears to be both a proactive measure, recognising higher costs for some buyers with England’s looming stamp duty deadline at the end of March, and a reaction to the record number of sellers who came to market early in 2025. The average number of available homes for sale per estate agency branch continues to run at a 10-year high, reducing sellers’ pricing power. Meanwhile, rising stamp duty charges are set to impact some regions and types of movers more than others. Many first-time buyers in lower-priced areas won’t be affected at all by the changes, as there is still good availability of homes that will be stamp-duty free. By contrast, those most affected will be first-time buyers purchasing a home between £500,001 and £625,000 where an extra £11,250 in costs is at stake for this group if the deadline is missed and not given a short extension by the government. Rightmove also expects a conveyancing log-jam as some movers scramble to complete their purchase in time.

“New sellers are showing some pricing restraint after a fast start to the year, being mindful of both the high level of seller competition, and in England also of the looming stamp duty deadline and extra costs for some buyers. Agents report that some of the steam is coming out of new sellers’ price expectations to fit the changing market conditions, which is a sensible reaction to attract buyer interest, and it will also help to support activity levels. The upcoming stamp duty deadline in England remains a key talking point, and while some movers may not be affected at all, others will be more severely impacted. We’ve previously suggested reforms such as regional variations in stamp duty charges to try and address some of the inequities in the current system. With the predicted conveyancing log-jam likely to cause some buyers to miss the deadline and end up paying more tax through no fault of their own, it would seem justifiable for the government to announce a short extension before the end of March.”

Colleen Babcock, property expert at Rightmove