A Positive Start to the Property Year
After the uncertainty that defined much of 2025, the UK property market entered spring 2026 with some genuinely encouraging signs. March data from estate agency branches across the country shows that buyers are returning, sellers are listing homes, and activity levels are ticking upwards across the board. For anyone sitting on the fence about buying or selling, this shift is worth paying attention to.
The numbers tell a story of modest but meaningful momentum. Estate agency branches reported an average of 8.14 agreed sales in March, while the number of new prospective buyers registering per branch rose to 78. Viewing activity also improved, with properties receiving an average of 2.8 viewings each. These aren't dramatic jumps, but they represent a genuine thaw after a sluggish winter market.
Why Buyers Are Coming Back
So what's changed? The answer is partly seasonal and partly psychological. Spring has always been the busiest time for property transactions, but what's encouraging is that buyers aren't just showing up out of habit. They're actually proceeding with purchases, particularly where house prices align with realistic expectations.
The mortgage market remains challenging. Two-year fixed rates are hovering around 6.6%, while five-year deals sit at 5.14%. These rates aren't cheap, and they've certainly narrowed the pool of people who can comfortably afford to buy. But for those who've adjusted their expectations and are looking at properties priced appropriately for current conditions, mortgages are achievable. That's what the March data reflects: buyers who've done their sums and aren't waiting for rates to drop any further.
Added stock is also helping. Agents noted improved levels of properties coming onto the market in March, which gives buyers more options and creates a less frantic atmosphere. After months of properties selling quickly or sitting unsold, having genuine choice is shifting the dynamic. Sellers are no longer automatically in the driving seat, and buyers can afford to be selective.
What About the Lettings Market?
The story on the lettings side is slightly different. The demand for rental properties continues to significantly outpace the supply available. New fully managed lettings per branch averaged 4.5 in March, a small increase, but nowhere near enough to meet the number of people searching for rental homes.
Rent levels remained largely stable, with around 57% of agents reporting unchanged rents across their portfolios. Just over a quarter saw increases, while 15% experienced falls. This stability is relatively positive news for tenants who've watched rents climb steadily in previous years. The average void period for rental properties sat at 3.3 weeks, which suggests landlords aren't struggling to fill vacancies even though supply remains tight.
The one concern worth noting is that some landlords are holding back on investment due to uncertainty around future regulatory changes. This long-term hesitation could worsen supply shortages down the line, which ultimately puts upward pressure on rents and reduces choice for renters.
What This Means for You
If you're thinking about selling your home, March's momentum suggests spring 2026 could be a solid window. More buyers are actively looking, and competition from other sellers appears more manageable than it was in autumn. The key is pricing realistically. The appetite for homes exists, but only where prices reflect current market conditions and mortgage affordability.
For buyers, the uptick in stock and activity means you actually have properties to view and compare. The frenzied bidding wars of previous years seem to be easing in many areas, which takes some of the stress out of the search. That said, you'll still need solid finances in place. With the Bank of England base rate at 3.75% and mortgage rates unlikely to fall dramatically in the near term, getting a mortgage agreement in principle before you start viewing seriously is essential.
If you're a landlord or thinking about becoming one, the lettings data shows continued strong demand for rental properties despite regulatory concerns. Void periods are short, and rents are stable. However, the uncertainty around future rules is clearly affecting investment confidence, so it's worth understanding what changes might be coming before making decisions.
The property market in spring 2026 isn't booming, but it's functioning. There's genuine activity, reasonable stock levels, and buyers who are genuinely ready to transact. That's enough to make this a solid time to either list or search.