House price growth holds steady… but supply is rising
The UK property market showed renewed momentum in March, with annual house price growth rising to 2.2%, up from 1.0% in February.
After a slower start to the year, this suggests confidence is returning. However, the picture is more balanced than headline figures might suggest.
Across Q1, most regions saw modest price increases, although a couple of areas, including the Outer South East and East Anglia, recorded slight declines. At the other end of the scale, Northern Ireland continues to outperform, with strong annual growth of 9.5%.
What’s driving the current market?
Two key factors are shaping the outlook:
- More homes for sale than we’ve seen in over a decade
- Ongoing global uncertainty keeping price growth in check
With stock levels now at an 11-year high, buyers have more choice than they’ve had for some time. This increased supply is helping to keep price growth steady rather than accelerating.
What does this mean locally?
In St Albans and Harpenden, we’re seeing many of the same trends play out:
- More choice for buyers
The number of properties coming to market has increased, giving buyers time to consider their options more carefully. - Realistic pricing is key for sellers
With more competition, accurately pricing a property from day one is crucial to generating early interest and achieving a strong result. - Committed buyers are still active
Well-presented and well-priced homes continue to attract good levels of interest, particularly in sought-after areas and school catchments.
A more balanced market
Rather than a boom or slowdown, the current market feels more balanced.
Buyers are no longer under pressure to make rushed decisions, while sellers who position their property correctly are still achieving successful sales.
Looking ahead, most forecasts suggest price growth will remain relatively flat over the next 12 months, with supply levels continuing to play a major role.
Thinking of making a move?
Whether you are considering selling or just curious about your property’s current value, understanding how these wider trends apply to your home is key.
Get in touch with the Bradford & Howley team for tailored, local advice on the St Albans and Harpenden market.