UK House Prices Reach New Record High

Despite the end of stamp duty discounts, people are still moving home and have pushed asking prices to a new record, say property experts.

Although the market may feel like it's in a slump, the number of homes for sale at this time of year has hit a decade high, says online property portal Rightmove.

Asking prices have topped out at an average of £377,00, although many sellers accept significantly less offers to complete a deal.

That puts asking prices up 1.4 per cent compared to March 2025 and 1.3 per cent over the year to April 2025.

Rightmove says the number of buyers for the time of year has increased by 5 per cent over the same period last year.

First record topples in nearly a year

The portal's Colleen Babcock said: "We've seen our first price record in nearly a year, despite the number of homes for sale being at a decade-high. The increased choice seems to be bringing more home-movers into the market, with both buyer demand and seller numbers up."

The Office for National Statistics (ONS) echoed the portal's findings.

ONS data for February shows average UK house prices increased by 5.4 per cent to £268,000 in the year to February 2025

The growth rate rose from 4.8 per cent in the 12 months to January 2025.

Average house prices increased to £292,000 (5.3 per cent) in England and £207,000 (4.1 per cent) in Wales.

Prices are rising the fastest in the North of England, says the ONS, with an 8 per cent yearly rise in the North West, 7.9 per cent in the North East and 7.5 per cent in Yorkshire and the Humber.

Sellers with the least growth were in London, where prices rose by a measly 1.7 per cent, the South West (up 3.9 per cent), and the East of England (+4.2 per cent). January had seen a 2 per cent annual rise for the capital.

Lenders report a stable market

Data for March from mortgage lenders Halifax and Nationwide shows house prices remained stable.

Halifax reports a 2.8 per cent annual rise, and average house prices rising to £296,699.

The lender's head of mortgages, Amanda Bryden, said: "House prices rose in January as buyers rushed to beat the March stamp duty deadline. However, with those deals now completed, demand is returning to normal and new applications are 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."

Meanwhile, Nationwide posted a 3.9 per cent annual rise for the year to March, putting the average UK house price at £271,316.

Robert Gardner, Nationwide's Chief Economist, said: "UK house price growth remained stable in March at 3.9 per cent, 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."