Rightmove say it estimates more than 550,000 homes are currently going through the completion process, an uplift of 25% compared with the same time in 2024; providing an indication of the current intensity of the market.
Most of it’s other demand metrics are up as well compared with 2024; the number of new sellers is up 13%, the number of potential buyers contacting agents about homes for sale is 8% up, and the number of sales being agreed is 15% up. All of which points to a ‘robust’ home moving market, with no major drop-off in activity expected after April say the portal.
It is expecting the SDLT deadline to impact some regions more than others, pointing to London where there are 28% more first-time buyers in the capital currently going through the completion process than at this time last year, more than any other region; London being the area where FTBs will save most on stamp duty.
Rightmove point to the number of people applying for a mortgage in principle on the website as further evidence of momentum building, with hopes a return to some of the traditional seasonality we saw before COVID-19 could bring a Spring bounce. The portal saw a record number of mortgage in principle applications in January 2025, some 49% above January 2024. The are speed bumps ahead though, with uncertainty in the global and economic markets, and despite the recent interest rate cut, inflation and growth figures are not where the Bank of England or the government want them to be.
Rightmove’s own weekly mortgage tracker has identified another fall in two and five year fixed averages in response to the interest rate cut with average 2-year fixed deals now at 4.93% and 5-year fixed deals at 4.73%. And with the first sub-4% mortgage deals have been reported in recent days Rightmove’s mortgage expert Matt Smith says there could be more to come as a further two or potentially three more cuts are rumoured this year, which could see us closing out the year with a Base Rate of 4% or lower.
“It’s another week of average rate drops, and the response from the market since the Bank Rate cut has been positive. We hope to now see a sustained period of mortgage rates trickling downwards to lead us through the Spring selling season.”
The average number of available homes for sale per estate agency branch continues to run at a 10-year high, reducing sellers’ pricing power and keeping a lid on price increases. Those wanting to sell before the SDLT changes had to be realistic in their pricing which kept sizeable increases down. House prices have continued to rise, but much more steadily but just 0.5% this month (+£1,805) to £367,994; a response to higher costs for some buyers with England’s looming stamp duty deadline at the end of March, and a reaction to the record number of sellers who came to market early in 2025 say Rightmove.
“For those in higher-priced areas of England like London, the additional stamp duty charges they face can be significant and difficult to afford when already stretched to the max. The lengthy and frustrating completion process means that the average mover has had to have one eye on the clock since November to ensure that they complete before the stamp duty deadline. Beyond the deadline, agents report that underlying market activity remains positive, and that they don’t expect a major drop-off in activity from April, as the financial impact on many movers is smaller than previous deadlines.”
adds Colleen Babcock, property expert at Rightmove.
With the latest report identifying a 12 month high in the time it takes to secure a buyer nationally (77 days), and the near five months it takes to complete a transaction, Rightmove say they welcome last week’s announcement from the government to modernise and digitise the system, resulting in a speedier transaction process
