Property Market Updates: Q1

National view

The UK property market is stepping into spring with renewed energy, as average asking prices rose by 1.1% (+£3,876) to £371,870 this month, according to Rightmove’s latest House Price Index. This seasonal uplift is in line with typical March trends and suggests that sellers are pricing sensibly in a competitive market; in fact, the market is the most competitive we’ve seen in over a decade.

Buyer demand is also gaining traction. While the current wave of spring movers won’t have beaten this month’s stamp duty deadline, they will benefit from the highest number of available properties for sale at this time of year since 2015. The number of sales agreed is now 9% higher than this time last year, reflecting growing confidence among buyers even in the face of global uncertainties.

On the supply side, the market is equally strong, with new seller listings up 8% year-on-year. Regarding annual capital growth, Zoopla reports that semi-detached homes are leading the way, rising 2.6% (or £6,820) to an average of £274,100.

All of this comes together to point to a resilient and active market as we transition into summer, which should be encouraging news for both those looking to sell and those planning their next move. 

Yorkshire    

As spring progresses, Yorkshire’s property market is showing strong signs of returning to normality after the turbulence of the past two years. Sentiment across the region is improving, supported by a steady rebalancing of supply and demand. Rightmove reports that average asking prices have increased by 0.5% month-on-month and are up 2.4% year-on-year, now standing at £252,957. Homes are currently taking an average of 74 days to find a buyer, reflecting a market that is active, yet measured.

While some landlords are choosing to exit the market, approximately 20% of those properties are being purchased by other investors, including a growing number of first-time landlords, attracted by strong rental yields and long-term growth potential. This trend highlights the underlying confidence returning in our region’s investment landscape, despite what you may hear in the press.  

Demand remains particularly strong in pockets such as York, North Leeds, and Skipton, where first-time buyers and family movers continue to drive activity. These areas are outperforming others in terms of both capital appreciation and buyer interest, signalling a renewed focus on lifestyle and location factors among purchasers.

Looking ahead to the summer months, demand is outweighing supply. This may tip the balance in favour of sellers, with tighter supply creating a more competitive environment for well-presented homes in sought-after areas.

Ready to make your move? Speak to our expert team to get started today.