Spring is traditionally a busy time for the property market, with March representing one of the most active months for buyers moving home.
It’s been a defining year for the property market, with new Stamp Duty Land Tax rules coming into effect on the 1st of April 2025.
There has also been a shift in dynamics between landlords and traditional residential buyers, as planned rental changes have seen some landlords choosing to exit the market. This has in turn made more property available to savvy investors and home buyers.
As a result, there is currently more choice for buyers in the housing market than in the past decade and no shortage of customers looking to secure a new home.
In this article, we’ll take a look at some of the recent changes to the property market and examine how they have driven a boom in the availability of housing stock this spring.
With changes to Stamp Duty rules coming into effect on 1st April, the deadline for buyers to beat the ‘Stamp Duty Deadline’ has now passed.
Buyers are now required to pay a Stamp Duty of 2% on properties costing £125,001 to £250,000 (and more for properties with a higher value) unless they qualify for first-time buyers’ relief.
Buyers who are able to apply for first-time buyer’s relief will pay zero stamp duty on properties costing up to £300,000 and a discounted rate for properties valued up to £500,000. Full details of current stamp duty land tax rules can be found here.
Although the market has remained relatively buoyant overall, there was a slight drop in buyer activity shortly before the announced changes to stamp duty came into effect.
The Royal Institution of Chartered Surveyors (RICS) February 2025 Residential Market Survey (1) reported a slight dip in new buyer enquiries and agreed sales.
This slight downturn was largely attributed to usual seasonal trends combined with market caution as the rush to beat the stamp duty deadline began to wind down, with many buyers deciding to wait for the new tax rules to take effect before moving home.
According to Rightmove (2), the rush to beat the stamp duty deadline resulted in a ‘massive log jam’ of 575,000 moves in the legal completion process.
By April 2025 the property market is gearing up for what is traditionally its busiest season. Despite the buyer apprehension caused by the stamp duty deadline appears to have eased, with the number of sales being agreed now 9% higher than at this time in 2024.
Furthermore, the number of new sellers is now also 8% ahead of this time last year.
Mortgage rates are only slightly lower today than they were at the same time last year. The average five-year fixed mortgage rate is now at 4.74% down from a peak of 6.11% in July 2023.
However, this ‘new normal’ for mortgage rates has remained relatively stable in the past 12 months and does not appear to have deterred buyers from engaging with the property market.
The average house price for properties coming to market has risen 1.1% (+£3,876) this month to £371,870, in line with the long-term March average increase according to Rightmove.
Sellers are increasingly pricing their properties more realistically, as the increase in available stock is driving fierce competition to sell.
These trends have been somewhat echoed in the auction sector, where more and more first-time buyers are approaching the market to take advantage of the ex-rental stock that is going up for sale.
If you would like to learn more about buying, or selling, at auction, you can find out more by visiting our auction page on the link below.
Edward Mellor has been helping clients to buy and sell property across the North West of England for the past 40 years.
Whether you are buying your first home, selling as part of an onward move or looking for your next buy-to-let opportunity, we offer fully integrated financial services, planning, conveyancing, and surveying businesses from under one roof.
We are also one of the North West’s most successful auction houses.
To speak to us about any of our in-house services, simply contact us at the appropriate branch using the link below.
1 – February 2025 UK Residential Market Survey
2 – Rightmove: Decade-high choice to benefit Spring buyers who miss stamp duty deadline
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