Executive summary
- Annual house price inflation is -0.2%, unchanged from February
- Prices broadly static but sales volumes are up 12% year-on-year
- 64% of homes in markets with price falls, down from 82% last October
- Higher mortgage rates continue to impact buying Power
- Annual mortgage costs for buyers are 61% higher than 3 years ago – two thirds down to higher rates and one third due to higher prices
- Buyers in Southern England face greatest impact, compounded by stamp duty and other costs, which will keep price inflation in check
- Price inflation split between south and rest of the UK to continue “The housing market continues to adjust to higher mortgage rates. Sales volumes are rising and house prices are flat. What the market needs most is continued price stability which will create the environment for continued growth in sales.” Richard Donnell
- The market is on track for 1.1m sales in 2024, up 10% on last year
