House buyers all over England who are absent from the deadline for the closing service of March are in line with silver lining: a group of properties available in the spring.
According to the Property Rightmove website, the number of homes in the market is now the highest level for this time of the year since 2015 – where the largest option and enlarged home prices have been chosen.
House prices increased throughout the United Kingdom by 1.1 percent in March, with an average of 371,870 pounds, which is widely in line with the exemplary spring rise. The sellers are said to be more realistic than they were in previous years, thanks to this in part to the end of the service conclusion on March 31. Any buyers fail to complete the purchase by the date of that date in which thousands of additional taxi faces, as Rightmove estimates that about 74,000 sales are suspended -25,000 buyers for the first time-the deadline has been inspected, incurring 142 million pounds.
Rightmove data indicates 575,000 sales currently in the legal completion phase, creating Logjam while buyers stood to secure the forth forth closing threshold. Collin Babkok, Rightmove's property expert, suggested that Chancellor Rachel Reeves up next March 26 “a suitable moment” to give a short extension and prevent thousands of buyers from incurring high fees bills.
Despite the background of global economic uncertainty, the market remained flexible: the number of sales agreed on 9 percent higher than the same period in 2024, and the numbers of the new seller increased by 8 percent last year. However, the mortgage rates have decreased only marginally compared to 2024. The average fixed deal currently for five years is 4.74 percent-from its peak in July 2023 by 6.11 percent, but it is very close to 4.84 percent this time was seen last year.
Matt Smith, a mortgage expert at Rightmove, notes that the smallest deposits still attract the highest rates, affecting both buyers for the first time and those who need larger real estate loans. While the Bank of England is expected to keep interest rates by 4.5 percent after its next review, the additional discounts remain a possibility later in the year.
Rightmove welcomed proposals from the “responsible” real estate mortgage regulator to simplify the application, including the low stress test for some borrowers. The changes may make it easy for home owners to exchange deals and buyers for the first time to secure loans-especially if additional discounts in interest rates occur in the coming months.
In a separate study, the real estate agent said that the UK housing market expands at 22.3 billion pounds in 2024, with 1.1 million transactions and average sale price of 343,822 pounds. The fastest mortgage debts increased among the first time-by 21 percent, or 12.2 billion pounds. The total market value in London fell behind the southeast for the first time in two years, by 72.8 billion pounds, compared to 74.5 billion pounds, respectively.
Lucian Cook, head of residential research in Savils, confirmed that although the market is no longer at its height, it is still much stronger than it was directly before Covid. With more cuts in interest rates this year, more buyers may be encouraged to enter the market, enhancing general activity and maintaining a relatively strong growth path during 2025.
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