Executive summary

• Sales agreed holding steady in March, supported by committed movers with mortgages agreed and pressing on with sales
• Buyer demand weakens in March, now 13% below last year, as more early-stage movers adopt a ‘wait and see’ approach
• No differences in buyer behaviour between first-time buyers and existing homeowners – serious buyers continuing with plans
• Average mortgage rates up by c.0.4% over March with sub-4% mortgage deals withdrawn
• UK house price inflation stable at +1.3%
• If mortgage rates were to rise further, weaker demand is likely to feed into lower sales later this year