Rightmove says a seasonal price lift is colliding with longer selling times and tougher competition
The average asking price of newly listed homes rose by 0.8% in March, up £3,023 to £371,042, according to property listing platform Rightmove.
The increase follows an unusually flat February and is in line with typical seasonal uplift at the start of the spring market.
| National average asking price | ||||
|---|---|---|---|---|
| Month | Avg. asking price | Monthly change | Annual change | Index |
| March 2026 | £371,042 | +0.8% | -0.2% | 286.9 |
| February 2026 | £368,019 | 0.0% | 0.0% | 284.5 |
| Source: Rightmove | ||||
Rightmove said the rise in prices remains modest when set against recent years, largely because supply is elevated. It described the number of homes available as the highest for 11 years, giving buyers greater choice and encouraging more restrained pricing from vendors.
It also noted that affordability has improved, with wage growth outpacing house price inflation and mortgage borrowing capacity increasing. However, it warned that the spring upturn may require sellers to be more competitive than usual in a market where stock levels are high.
“March has brought a typical seasonal lift in prices, and ‘steady rather than strong’ is how I’d describe the start of this year’s spring market,” said Colleen Babcock (pictured right), property expert at Rightmove.
“With the number of homes for sale at its highest level for over a decade, buyers have plenty of choice. Many sellers are facing stiff competition and the longest average time to sell at this time of year since 2013.
“In this kind of market, being not only competitive on price, but competitive from the outset when setting an asking price for your home is critical. Our research shows that relying on later price reductions is a much tougher and less effective strategy when buyers are very price sensitive and have so many alternatives to choose from.”
Rightmove said agreed sales in March were tracking 2% below the same period last year, and 5% higher than 2024, based on its real-time data at the time of writing. It added that new listings were 3% below last year and 7% above 2024, suggesting vendor confidence has remained broadly steady.
The company also said new buyer demand, which had already been lower than last year’s stronger market, has not fallen further since the start of the Iran war. It cautioned that it is too early to judge the full impact of geopolitical developments, but said it had not seen the immediate reaction associated with earlier shocks such as stamp duty changes or the mortgage rate repricing of September 2022.
Regional performance continues to diverge, Rightmove said. Lower-priced areas in the North of England, Scotland and Wales are recording stronger annual gains than more expensive parts of southern England. It said the North West led with a 2.6% annual rise, while London recorded a 2.1% annual fall.
By property type, Rightmove reported that smaller homes with up to two bedrooms — often bought by first-time buyers — were down 0.4% on the year on average. It said “second-stepper” homes were up 0.6%, while the largest homes were broadly flat. Rightmove noted that small annual falls in typical first homes may help deposit-ready buyers, though it said saving remains difficult with rents near record levels and cost pressures continuing.
| National average asking price by market sector (excluding inner London) | ||||
|---|---|---|---|---|
| Sector | March 2026 | February 2026 | Monthly change | Annual change |
| First time buyers | £226,955 | £226,050 | +0.4% | -0.4% |
| Second-steppers | £345,857 | £343,603 | +0.7% | +0.6% |
| Top of the ladder | £672,903 | £657,604 | +2.3% | 0.0% |
| Source: Rightmove | ||||
On mortgages, Rightmove said rates are below a year ago but have faced fresh upward pressure as lenders react to global uncertainty. Its tracker showed the average two-year fixed rate rising to 4.51%, from 4.24% a week earlier.
“Market activity remains stable so far in March which is encouraging given the new global uncertainty over the last few weeks, though it’s too early to tell what may happen later down the line,” Babcock pointed out.
“That said, uncertainty is never helpful for market activity, and it’s come at a time when confidence and optimism would usually be building as the spring market gets underway.
“It’s understandable that many potential buyers may have one eye on news about mortgage rates and wider household costs. For context, the average monthly mortgage payment on a new purchase has increased by around £45 so far, but is still around £70 lower than it would have been at this time last year.”
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