London's property market has erupted into life this spring, with new data from Rightmove revealing the most significant March budget boost in over ten years. The property portal's latest figures show asking prices climbing by an impressive £5,207 this month alone, marking the largest March increase since 2013.
Spring Market Springs to Life
The traditional spring selling season has arrived with remarkable momentum, as buyer demand surges across the capital. Rightmove's research indicates this isn't just a temporary spike but represents a sustained recovery in market confidence.
'This is the strongest spring sellers' market we've witnessed in years,' commented Tim Bannister, Rightmove's property expert. 'We're seeing pent-up demand from last year finally translating into serious market activity, with agreed sales now running significantly ahead of 2023 levels.'
London Leads National Recovery
While the entire UK property market shows signs of vitality, London is demonstrating particularly robust growth. The capital's average asking price now stands at £709,579, reflecting both renewed buyer confidence and competitive market conditions.
The data reveals several key trends driving this resurgence:
- Agreed sales are running 13% higher than last year
- Buyer demand has increased by 8% compared to 2023
- The number of new sellers entering the market has risen by 21%
Economic Winds Favour Sellers
Several economic factors are contributing to this property market renaissance. With mortgage rates stabilising and inflation showing signs of easing, both buyers and sellers are feeling more confident about making their move.
'The combination of more stable mortgage rates and growing buyer demand is creating ideal conditions for sellers,' Bannister noted. 'We're seeing properties priced correctly attracting multiple interested parties and selling quickly.'
What This Means for Buyers and Sellers
For sellers, this represents a golden opportunity to capitalise on heightened demand. Properties that are accurately priced and well-presented are moving swiftly, often with competitive interest from multiple buyers.
Prospective buyers, meanwhile, should prepare for a more dynamic market. The increased competition means being mortgage-ready and able to move quickly when the right property appears.
As the spring market continues to unfold, all eyes will be on whether this momentum can be sustained through the traditionally busy summer months.
