House Price Index Mar 2025
Most indices report a strong start to market activity in 2025 with agreed sales 5-9% higher than a year ago. With the stamp duty deadline, there was a surge of transactions in February up 13% on January. House price growth has been held in check with the number of homes for sale at a ten year high. Buyer demand is falling -- possibly in response to a slower economic outlook and higher stamp duty costs from April. FTBs in London look to be most affected by higher stamp duty from April. Overall market activity and house price growth beyond April are expected to be restrained until mortgage rates begin to fall further.
What’s happening nationally
House prices were on average down -0.2% over the past month and+4% over the past year.
All of the indices reported fairly stable house prices over the past month: Halifax (-0.5%), Land Registry (+0.0%), Nationwide (+0.0%), and Rightmove reporting asking prices (+1.1%). All of the indices recorded an increase in annual house price growth: Rightmove asking prices up +1%, Halifax up +2.8%, Nationwide up 3.9% and Land Registry reporting February figures up 5.4%.
Note that there has been a change of methodology in the calculation of the Land Registry house price index. From February 2025 reporting, January 2023 became the new reference period for inflation rates. Land Registry has been re-referenced because the types of property being sold can change over time.
Indices based on:
Land Registry – registered property transactions in February.
Nationwide & Halifax – mortgage valuations in March.
Rightmove – asking prices posted on Rightmove in March.
*Rightmove is not included in the index average as the basis for its index is different (asking price vs agreed sale price)
| Index reports: | Monthly change | Annual change |
|---|---|---|
| Land registry | +0% | +5.4% |
| Nationwide | +0% | +3.9% |
| Halifax | -0.5% | +2.8% |
| Rightmove | +1.1% | +1% |
| Average change | -0.2% | +4.0% |
House prices in your area
Areas with the biggest rise in house prices over the past month were: Yorkshire & Humber (+1.6%), Northern Ireland (+1.5%) and the West Midlands (+1.1%). House prices were also up in the North and South West (+0.7%), the North East and East Midlands (+0.4%). Prices were stable or down in other areas.
Over the last year, house prices have increased in all areas with the biggest rises in Northern Ireland (+9%), the North West (+8%), the North East (+7.9%) and Yorkshire & Humber (+7.5%).
Average house prices remain highest in London (£556K) and lowest in the North East (£160K).
House prices increased in the last year for terraced (+6.2%), semi-detached (+6.1%), detached (+5.5%) properties and for flats/ maisonettes (3.0%).
| UK Region | Average price £ | Monthly change | Annual change |
|---|---|---|---|
| England | |||
| Nothern Ireland | |||
| Scotland | |||
| Wales | |||
| North West | |||
| Yorkshire and The Humber | |||
| North East | |||
| West Midlands | |||
| East Midlands | |||
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| East of England | |||
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| London |
| UK City | Average price | Annual change |
|---|---|---|
Market Monitor
With rising stamp duty rates starting the 1st April, there was a rush of transactions in February with 108K transactions, up 13% on January (96K) and up (+28%) versus February last year (when transactions of 84.5K were below the long run average). Year to date sales agreed are reported to be up year on year 9% by Rightmove and 5% by Zoopla.
The level of new buyer enquiries fell in March according to RICS residential market survey, while new listings for sales were up again this month. Zoopla reports that homes for sale is 11% higher than this time last year and Rightmove says this is the highest level of homes for sale in 10 years.
The average time to secure a buyer has improved to 64 days in March according to Rightmove, down from 68 days in February.
How busy is the market?
- Not busy
- Normal
- Very busy
- Transactions up sharply in February with impending stamp duty deadline
- Total transactions in February 2025 108K
- +13% versus last month
- +28% from Feb last year (when transactions were below the long run average)
Homes for sale vs homebuyers
- Good availability of homes
- Normal
- Shortage of homes
- Buyer enquiries down(-32% RICS March data)
- Seller instructions up slightly (+6% RICS March data)
- Average stock per agent 59 in March; up from 57 last month (incl under offer/ Sold STC Rightmove)
Average speed of sale
- Fast
- Normal
- Slow
- Mar figure: 64 days to find a buyer down from 68 days last month in line with the 12 month average of 64 days (Rightmove)
What the experts say
Rightmove
“The average price of property coming to the market for sale rises by 1.1% (+£3,876) this month to £371,870, which is in line with the long-term March average increase. It shows that many new sellers are pricing sensibly. While new spring buyers will not beat this month’s stamp duty deadline, they will benefit from the highest property choice at this time of year since 2015. Despite ongoing global uncertainty, the property market remains resilient, with positive signs of growth heading into spring. The number of sales being agreed is 9% higher than at this time in 2024, a positive sign for the market post-stamp duty increase, and the number of new sellers is now 8% ahead of this time last year. Mortgage rates remain only fractionally lower than at this time last year as buyer affordability remains stretched. It would be a potential boost to buyer affordability if the Bank of England moves to reduce the Bank Rate more quickly starting in May.”
Nationwide
“UK house price growth remained stable in March at 3.9%, the same as in February. There was no change in prices month-on-month, after taking account of seasonal effects. These price trends are unsurprising, given the end of the stamp duty holiday at the end of March. Indeed, the market is likely to remain a little soft in the coming months since activity will have been brought forward to avoid the additional tax obligations – a pattern typically observed in the wake of the end of stamp duty holidays. Nevertheless, activity is likely to pick up steadily as the summer progresses, despite wider economic uncertainties in the global economy, since underlying conditions for potential home buyers in the UK remain supportive.”
Zoopla (Hometrack)
“House price inflation slows to 1.8% as the supply of homes for sale outpaces the growth in sales agreed. Sales agreed continue to rise, up 5% year-on-year. We expect the growth in sales agreed to continue rising at a steady pace over 2025 as more sellers, most of whom are also buyers, enter the market in the coming months. But we expect the rate of UK house price inflation to moderate as rising supply (homes for sale is 11% higher than this time last year), higher stamp duty costs and static mortgage rates will temper the rate of price inflation. London is one area where buyer demand is lower (-3%) than a year ago. 8 in 10 FTBs in London will pay stamp duty from April compared to less than half under the previous thresholds. FTB demand is down across all price bands in London.”
Halifax
“House prices rose in January as buyers rushed to beat the March stamp duty deadline. However, with those deals now completing, demand is returning to normal and new applications slowing. Our customers completed more house sales in March than in January and February combined, including the busiest single day on record. Following this burst of activity, house prices, which remain near record highs, unsurprisingly fell back last month. Looking ahead, potential buyers still face challenges from the new normal of higher borrowing costs. However, with further base rate cuts anticipated alongside positive wage growth, mortgage affordability should continue to improve gradually, and therefore we still expect a modest rise in house prices this year.”
RICS
“The March 2025 RICS UK Residential Survey results signal a further deterioration in sales market conditions, with both domestic and global macroeconomic concerns seemingly starting to weigh more heavily on sentiment. In keeping with this, respondents have turned increasingly cautious on the near-term sales outlook, even if twelve-month expectations are still mildly positive for now.”
