House prices rise in March; decade-high choice to benefit Spring buyers

(Sharecast News) - The average price of a home coming to market rose in March in line with the long-term average increase for that month, as many new sellers priced sensibly amid decade-high competition to sell, according to Rightmove. House prices ticked up 1.1% on the month following a 0.5% jump in February. On the year, price growth slowed to 1% in March from 1.4% the month before.

The average price of a property stood at £371,870, up from £367,994 in February.

Rightmove said that 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.

It highlighted a "massive" log-jam of 575,000 moves in the legal completion process, with many trying to beat March's stamp duty deadline.

Colleen Babcock, property expert at Rightmove, said: "Historic averages show that this March is likely to be one of the strongest months of the year for sellers to spring into action. However, sellers can't just rely on these historic averages for success, as this year they are facing a decade-high level of competition. Those who are successfully finding buyers right now are working hard with their agents to price competitively and present their home in the best possible light.

"The big milestone ahead in England is the stamp duty deadline, and with a massive log-jam of 575,000 moves going through the legal completion process, many cost-conscious buyers will be doing all they can to get their move over the line and avoid unnecessary extra tax.

"Whilst agents tell us that they have been working with both sellers and buyers to factor in the additional charges, many movers are understandably hoping to reduce their tax bill and keep their savings for themselves."