• The average price of property coming to market rises by 0.8% (+£2,906) this month, mainly due to a 1.2% jump in
the largest homes sector (top-of-the-ladder):
• Annual asking price growth eases to +3.0%, with the new seller asking prices now £5,800 below October’s
peak as the market cautiously moves towards pre-pandemic activity levels despite economic turbulence
• Typical first-time buyer-type properties (two bedrooms and fewer) lead the recovery as we enter the spring market:
• Average newly marketed prices for this type of home are now just £500 lower than their record last year
• Sales agreed in this sector are unexpectedly recovering fastest, and in the last two weeks is just 4%
behind the same period in the more normal market of 2019, though 18% behind the exceptional 2022
• However, larger home sales are lagging as sales agreed in the last two weeks in the top-of-the-ladder
sector is 10% behind the same period in 2019, and 13% behind in the second-stepper sector
• Average mortgage rates have fallen back from their peak last year, with average rates for a 15% deposit five-year
fixed mortgage is now 4.65%, edging down from last month’s 4.75%, and October’s 5.89%, though this compares
to 2.48% in March 2022