Spring is traditionally when the UK property market wakes up. Sellers list, buyers browse, and asking prices nudge upward with the lighter evenings. But spring 2026 has a twist: there are more homes available than at any point in over a decade, and buyers are in no rush to pay asking price.
Here is what the latest data tells us about the state of play — and what it means if you are buying, selling, or simply watching.
Supply is at an 11-year high
According to Rightmove’s March 2026 House Price Index, the number of homes for sale across the UK is at its highest level for this time of year since 2015. Zoopla reported that the average estate agent started 2026 with 32 homes on their books — the highest at the start of a year for eight years.
In London, stock levels were up 16% year-on-year, and in the South East they rose 9%. This flood of choice fundamentally shifts the negotiating dynamic in favour of buyers.
More homes on the market means more options, more time to decide, and more leverage to negotiate on price. Sellers who overprice risk sitting unsold while better-priced competition moves ahead of them.
Asking prices are rising — but gently
Rightmove recorded average new seller asking prices of £371,042 in March 2026, up 0.8% (+£3,023) from February. This is a typical seasonal increase for March and nothing out of the ordinary.
The HM Land Registry UK House Price Index — which measures completed sales rather than asking prices — shows the average UK house price at £268,421 as of January 2026. That represents a 1.3% increase compared to the previous year, but a 0.3% dip from the month before.
The gap between asking prices (£371,042) and completed sale prices (£268,421) is worth noting. It reflects both methodological differences — Rightmove tracks what sellers ask for, while Land Registry tracks what buyers actually pay — and the current reality that many sellers are pricing optimistically in a market where buyers have plenty of alternatives.
Transactions are climbing
HMRC data published on 31 March 2026 shows that residential property transactions hit an 11-month high in February. Seasonally adjusted transactions rose 6% from January, climbing from 96,940 to 102,410 in February 2026.
On a non-seasonally adjusted basis, 86,430 residential transactions were recorded — 7% higher than January but 6% lower than February 2025.
The picture is encouraging. More transactions mean more confidence among buyers, and the monthly increase suggests spring activity is building as expected. But the year-on-year dip shows that the market is not yet back to the pace of 2025’s pre-Budget rush.
Mortgage rates: stable but elevated
The Bank of England held its base rate at 3.75% in its March 2026 decision. The Monetary Policy Committee cited the inflationary impact of the conflict in the Middle East — specifically the sharp rise in oil and gas prices — as a reason to hold rather than cut.
For mortgage borrowers, this means:
- The average 5-year fixed rate sits at 5.54% (HomeOwners Alliance, April 2026)
- The best 2-year fixed rate available is 4.47% from NatWest at 60% LTV with a £1,495 fee
- Average standard variable rates remain just below 8%
Anyone sitting on a cheap fixed deal that is about to expire faces a significant payment increase. If your fix ends in 2026, start shopping for a remortgage now rather than defaulting onto your lender’s SVR.
The next MPC decision is on 30 April 2026. Markets are watching closely for any signal of further cuts, though the inflationary pressure from rising energy costs makes a hold more likely than a cut in the near term.
What the forecasts say
The major forecasters are broadly aligned on modest growth for 2026:
- Rightmove predicts a 2% rise in asking prices across 2026
- Zoopla forecasts house prices will increase 1.5% over the year, noting that “housing affordability continues to steadily reset”
- Halifax expects prices to rise 2-3%
- HomeOwners Alliance summarises most major forecasts as expecting 1-4% growth
None of these forecasters are predicting a crash or a boom. The consensus is a market that is adjusting rather than declining — growing slowly while wages and affordability gradually catch up after the sharp price rises of 2020-2022.
Stamp duty: what buyers pay now
The current stamp duty thresholds have been in place since 1 April 2025, when the temporary lower thresholds from the 2022 mini-budget were removed:
Standard buyers:
- 0% on the first £125,000
- 2% on £125,001 to £250,000
- 5% on £250,001 to £925,000
- 10% on £925,001 to £1,500,000
- 12% above £1,500,000
First-time buyers:
- 0% on the first £300,000
- 5% on £300,001 to £500,000
- First-time buyer relief is lost entirely on properties above £500,000
On a property at the national average of £268,421, a standard buyer would pay £2,868 in stamp duty. A first-time buyer purchasing the same property would pay nothing.
Use our stamp duty guide for a full breakdown with worked examples.
What this means for buyers
Spring 2026 is arguably the best position buyers have been in since 2015. The combination of record supply, moderate price growth, and stable (if elevated) mortgage rates gives buyers genuine leverage:
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Take your time. With stock at an 11-year high, there is no shortage of options. Do not rush into a bidding war.
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Research comparable sales. Check what similar properties have actually sold for in the area — not just what they are listed at. Our property search shows full sale histories for any address in England and Wales.
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Negotiate. Sellers with overpriced properties are sitting unsold. A well-researched offer 5-10% below asking price is worth making, especially if the property has been listed for more than 6-8 weeks.
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Factor in total costs. Your mortgage payment is not the only cost. Use our area data to compare prices across nearby postcodes — you might find better value just a few streets away.
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Check the area data. Beyond price, look at school ratings, crime data, and local trends before committing to a location.
What this means for sellers
The market is not against sellers — prices are still rising, and transactions are climbing. But sellers need to be realistic:
- Price competitively from day one. In a market with record supply, overpricing means your property gets ignored while correctly-priced homes sell.
- Present well. When buyers have 32 properties to choose from at the average estate agent, first impressions matter more than ever.
- Be prepared to negotiate. The days of sealed bids and 10% over asking are behind us in most areas.
Regional variations
As always, the national picture masks significant regional differences. London and the South East have the highest stock levels but also the largest gap between asking prices and what buyers are willing to pay. The North East and Wales remain the most affordable regions but with lower transaction volumes.
Explore our county-level data and town-level breakdowns to see exactly what is happening in your area.
The bottom line
Spring 2026 is a market defined by choice. Buyers have more options than they have had in over a decade, prices are rising but not running away, and mortgage rates — while higher than the pandemic-era lows — are not moving against buyers.
For those who have the deposit and the borrowing capacity, this is a window worth exploring. For sellers, realism on pricing is the difference between a sale and months of sitting unsold.
Data sources: HM Land Registry UK House Price Index (January 2026), Rightmove House Price Index (March 2026), HMRC Property Transactions Statistics (February 2026, published 31 March 2026), Bank of England (March 2026 MPC decision), Zoopla House Price Index (March 2026), HomeOwners Alliance mortgage rate data (April 2026). Contains HM Land Registry data Crown copyright and database right 2026. Licensed under the Open Government Licence v3.0.