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The average UK house asking price rose 0.5% in February to £367,994, as the number of available homes for sale hit a 10-year high, according to new data from housing platform Rightmove (RMV.L).
A supply glut has meant weaker price growth than the market normally sees in February. The asking price is the seller's desired amount, while the actual house price is the final sale price. Normally, these two figures don't vary significantly.
Buyers are now looking to the stamp duty deadline, with a conveyancing log-jam expected to get purchases over the line before the 1 April change.
There are more than 550,000 homes sold yet awaiting legal completion, 25% more than at this time last year, Rightmove said. First-time buyer purchases between £500,001 and £625,000 are most affected, with an extra £11,250 at risk for this group if the deadline is missed.
The average time to complete a property transaction is still around five months, meaning that the typical mover has been working against the clock for some time to complete before the end of March and beat any stamp duty increase.
London is likely to see the biggest log-jam of first-time buyers trying to complete before 31 March, with affected movers eager to avoid unnecessary extra costs. There are 28% more first-time buyers in the capital currently going through the completion process than at this time last year, more than any other region, Rightmove said.
Read more: First-time buyer market rebounds as rate cuts improve affordability
“For those in higher-priced areas of England like London, the additional stamp duty charges they face can be significant and difficult to afford when already stretched to the max," said Colleen Babcock, property expert at Rightmove.
"The lengthy and frustrating completion process means that the average mover has had to have one eye on the clock since November to ensure that they complete before the stamp duty deadline."
Meanwhile, moving activity remains robust after the first full month of 2025 compared to a year ago, with the number of new sellers coming to market now 13% ahead, buyer demand 8% ahead, and sales agreed numbers up by 15%.
Slower price rises are supporting underlying activity levels, with no major drop-off in activity expected from April, Rightmove added.
“What we expect to see now is a potential slowing in the pace of the housing market as well as the number of mortgages approved," said Toby Leek, president of NAEA Propertymark.
"Those who are unable to move home before the stamp duty increases will likely be eagerly awaiting future inflation and interest rate announcements in the hopes of further improving their affordability in the long term.”