Average new seller asking prices rose 0.8 percent in March to £371,042, with the spring market showing resilience despite geopolitical tensions and rising mortgage rates.
Rightmove’s latest House Price Index found the £3,023 monthly increase represents a typical seasonal lift as the spring selling window opens. However, with homes for sale at an 11-year high, sellers face stiff competition and the longest average time to find a buyer at this point in the year since 2013.
Market activity stable despite Iran conflict
The property market appears to have absorbed recent geopolitical uncertainty better than previous shocks. Sales agreed are running just 2 percent behind this time last year and 5 percent ahead of 2024, while new listings are 3 percent behind last year but 7 percent above 2024 levels.
Colleen Babcock, property expert at Rightmove, said: “March has brought a typical seasonal lift in prices, and ‘steady rather than strong’ is how I’d describe the start of this year’s spring market. With the number of homes for sale at its highest level for over a decade, buyers have plenty of choice.”
This follows Landlord Knowledge’s report on RICS data showing confidence dipping as the Iran conflict began. The latest Rightmove figures suggest home movers are continuing with transactions despite headlines about potential rate rises and energy cost increases.
North-south divide widens
Affordability remains the key driver in what Rightmove describes as a “highly price-sensitive market”, with clear regional differences emerging. The North West is leading annual price growth at 2.6 percent, while London has fallen 2.1 percent over the past year.
Smaller starter homes have dropped 0.4 percent annually, potentially offering first-time buyers a window of opportunity. Middle-market second-stepper homes rose 0.6 percent, while larger top-of-the-ladder properties remained flat.
Nathan Emerson, CEO of Propertymark, said: “Consumers are generally in a far stronger position to purchase a property than they were a year ago, mainly due to several successive base rate cuts and falls in the rate of inflation.”
Emerson added that member agents have reported an encouraging start to the year: “Across the last twelve months, we have seen a near 15 percent drop in the magnitude of fall-throughs reported per member branch, helping demonstrate a stronger degree of determination from both buyers and sellers alike to complete on their transaction.”
Mortgage rates creep higher
Rightmove’s daily mortgage tracker shows average two-year fixed rates have risen to 4.51 percent from 4.24 percent the previous week as lenders respond to global uncertainty. This follows Halifax data showing prices hit a new record in February despite affordability pressures.
For landlords considering purchases, the high supply environment means greater negotiating power – but the rate rise underlines how sensitive the market remains to inflation expectations and geopolitical risk. The full Rightmove House Price Index is available on their website.
What this means for landlords
- If you’re buying: High supply and buyer caution create negotiating opportunities – but act before rates climb further. The North West offers strongest growth prospects.
- Watch for: The Bank of England’s next rate decision. Markets had priced in a spring cut, but geopolitical uncertainty may delay any reduction.
- Bottom line: The market is functioning normally despite global headwinds, but landlords should factor rising mortgage costs into any acquisition calculations.
Editor’s view
The market’s stability through recent geopolitical shocks suggests underlying demand remains solid. For landlords, the combination of high stock levels and uncertain rates creates a classic buyer’s market – patience and negotiation will be rewarded more than speed.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 16 March 2026
Sources: Rightmove, Propertymark
Related reading: Housing market confidence dips as Iran conflict spooks buyers
