Rightmove property expert Colleen Babcock said: “New sellers are showing some pricing restraint after a fast start to the year, being mindful of both the high level of seller competition, and in England also of the looming stamp duty deadline and extra costs for some buyers.
From April, stamp duty discounts for some home buyers will reduce, and Rightmove said February’s monthly price increase is more subdued than usual, being below the longer-term average of 0.8%.
Matt Smith, a mortgage expert at Rightmove said: “We’ve now had the first Bank Rate cut of the year, and current forecasts suggest there are still two or potentially three more cuts to come, which could see us closing out the year with a base rate of 4% or lower.
London is likely to see the biggest log-jam of first-time buyers trying to complete before March 31, Rightmove said, with 28% more first-time buyers in the capital currently going through the completion process than at this time last year.
Marc von Grundherr, director of estate agent Benham and Reeves in London, said: “There has been some further negotiation with respect to offers submitted to try and alleviate the increase in stamp duty costs incurred but the vast majority of buyers are proceeding as planned.”.
