Property Prices Hit New Record Despite Stamp Duty Rush
New data released by Rightmove this month reveals that the average asking price for UK residential properties has reached a record high of £377,182 – 1.3% higher than this time last year and surpassing the previous peak set in May 2024. The jump, which represents a 1.4% month-on-month increase, follows a flurry of transactions as buyers raced to complete purchases ahead of March’s stamp duty deadline, writes Clive Scrivener, Founder Partner at Wimbledon-based Chartered Surveyors Scrivener Tibbatts Ltd.
Here in SW19 the average house price in 2025 is approximately £611,000, according to the Office for National Statistics, with one beds selling for around £400,000. This figure is a provisional estimate for February 2025, and the average price of a home bought with a mortgage in Merton, which includes Wimbledon, was higher than the previous year, according to the Office for National Statistics.
While the number of agreed sales has dipped since the end-of-quarter rush, the market remains active. Rightmove reported a 5% year-on-year increase in potential buyers and a 4% rise in available homes, suggesting underlying confidence remains strong.
Industry experts are cautiously optimistic. Nathan Emerson of Propertymark noted the seasonal momentum expected in spring and summer, while warning of ongoing economic complexities, particularly around inflation and interest rates.
Reported here by Property Industry Eye, Tom Bill Head of Research at Knight Frank echoed this: “The recent tariff turbulence underlines why sellers need to be realistic when setting asking prices, particularly in a market where supply is rising more quickly than demand. The economic backdrop is bumpy but downwards pressure on mortgage rates as financial markets increasingly price in the risk of an economic slowdown will be positive for demand. The risk is that tariffs prove to be inflationary and start putting upwards pressure on borrowing costs, but we still expect modest single-digit house price growth this year as needs-based buyers drive demand.”
Meanwhile, Phill Sandbach of John German Estate Agents reported continued strong activity into April, highlighting the importance of pricing correctly in a price-sensitive market.
From a broader investment perspective, Tom Brown of Ingenious observed persistent demand, especially from institutional investors, as long-term rental opportunities remain attractive despite uneven conditions across regions and price brackets.
The takeaway? While the property market shows resilience, particularly at the asking price level, success in 2025 will hinge on realistic valuations, regional awareness, and staying alert to interest rate and inflation shifts.
If you would like to discuss something related to a property valuation please contact Clive Scrivener direct via email at Clive@scrivenertibbatts.co.uk or call 020 8971 2983.
