Spring buyers to face decade-high home availability

Spring buyers will miss the upcoming stamp duty deadline but will have the largest selection of homes available in a decade. The average home price rose by 1.1% this month, reaching £371,870, despite less favorable stamp duty discounts starting in April. Sales agreed are up 9% compared to last year, indicating a strong market. However, high mortgage rates, currently averaging 4.74%, continue to affect buyer sentiment. The stamp duty threshold for first-time buyers will drop from £425,000 to £300,000 next month. Rental prices in Britain rose by only 1% over the past year, the slowest growth since September 2020. In London, rents decreased by 2.8%, returning to levels seen in May 2023.