UK prices were static for the year to March 2026 but down month-on-month
Buyers should stand ready to take advantage of falling house prices to buy, with brokers key to their decision- making, according to reaction to the latest ONS UK House Price Index.
The index figures show that average UK house prices remained unchanged (0.0%) at £268,000 in the 12 months to March 2026, down from 1.7% in the 12 months to February 2026.
The stagnation of house prices reflects a fall of 0.4% in average monthly prices between February and March 2026, according to the ONS. In the same period last year, monthly prices had risen 1.2%, impacted by the rush to buy before Stamp Duty Land Tax changes came into effect.
England prices down
The ONS figures showed that average house prices decreased to £290,000 (-0.6%) in England but increased to £213,000 (2.9%) in Wales and £187,000 (1.6%) in Scotland, in the 12 months to March 2026.
Lee Williams, national sales manager at Saffron for Intermediaries, said the headline figures don’t tell the whole story. “Underlying demand remains intact, and for buyers where affordability stacks up, waiting indefinitely carries its own risks. With the Bank of England holding rates and little immediate prospect of cuts, conditions will require careful navigation,” he said.
“Those who lean on quality mortgage advice and explore the full breadth of options available, including through specialist lenders supporting more complex cases, will be best placed to move forward with confidence when the time is right.”
Jonathan Hopper, CEO of Garrington Property Finders, said there were bargains to be had. “The imbalance in supply and demand, mixed with a hefty dose of war-related uncertainty, is forcing sellers to lower their price expectations and, in some cases, accept offers considerably below asking price.
Strong buying opportunities for the well-informed
“For now, most deals are being done by those who need to move rather than just want to move, and by those who calculate that lower purchase prices more than offset higher borrowing costs.
“But as the volatility in the Gulf settles, the widespread rebalancing of prices will encourage more discretionary buyers that the time to strike is now. Lower prices are creating strong buying opportunities for the well-informed and agile.”
But Nathan Emerson, CEO of Propertymark, said buyers will be careful in the meantime. “Static house prices point to a market that is stabilising after a prolonged period of economic uncertainty and higher borrowing costs. Buyers are continuing to view and make offers, but they are negotiating more carefully and remain highly conscious of value and monthly mortgage costs.”
