UK Property Market Pulse – April 2026
Monthly UK property market data covering March 2026 figures from Halifax, Nationwide, the Bank of England and Moneyfacts. Regional price analysis and mortgage rate trends.
Headline
UK house prices continued their gradual recovery in March 2026. Halifax reported the average house price at £298,083, up 3.2% year-on-year. Nationwide's measure showed £271,316, up 2.8% annually. The Bank of England held the base rate at 4.50% at its March meeting, with markets pricing a cut to 4.25% by June 2026.
Data Table
| Metric | March 2026 | MoM | YoY | Source |
|---|---|---|---|---|
| UK average house price (Halifax) | £298,083 | +0.5% | +3.2% | Halifax |
| UK average house price (Nationwide) | £271,316 | +0.3% | +2.8% | Nationwide |
| BoE base rate | 4.50% | Unchanged | -0.25pp | Bank of England |
| Average 2-year fixed mortgage rate | 4.89% | -0.05pp | -0.62pp | Moneyfacts |
| Average 5-year fixed mortgage rate | 4.64% | -0.03pp | -0.48pp | Moneyfacts |
| Monthly mortgage approvals | 64,200 | +2.1% | +8.5% | Bank of England |
3 Key Market Signals
1) Prices edging higher but below inflation
Annual house price growth of 2.8–3.2% remains below CPI inflation, meaning real-terms property values are broadly flat. The recovery from the 2023 correction is gradual rather than sharp, constrained by affordability pressures and mortgage rates that remain above pre-2022 levels.
2) Mortgage rates drifting lower ahead of expected cuts
Average 2-year fixed rates at 4.89% and 5-year fixes at 4.64% are both lower than a year ago. Swap rates suggest lenders are pricing in at least one more BoE rate cut in 2026. Sub-4% 5-year fixes are available from selected lenders for borrowers with 40%+ equity.
3) Regional divergence continues
Northern England, Scotland and the Midlands continue to see stronger price growth (3–5% YoY) than London and the South East (1–2% YoY). The affordability gap between regions remains wide: the average London house price is approximately £535,000 versus £195,000 in the North East.
Regional Breakdown
| Region | Average Price | YoY Change |
|---|---|---|
| London | £535,000 | +1.4% |
| South East | £385,000 | +1.8% |
| South West | £320,000 | +2.5% |
| East of England | £350,000 | +2.2% |
| West Midlands | £255,000 | +3.5% |
| East Midlands | £240,000 | +3.8% |
| North West | £225,000 | +4.2% |
| Yorkshire & Humber | £210,000 | +4.0% |
| North East | £195,000 | +4.8% |
| Scotland | £205,000 | +3.6% |
| Wales | £215,000 | +3.1% |
| Northern Ireland | £185,000 | +5.2% |
Outlook
The BoE Monetary Policy Committee is expected to hold rates at 4.50% at its May meeting, with markets pricing a 65% probability of a cut to 4.25% in June. If rate cuts materialise, mortgage affordability will improve, supporting further gradual price growth through the second half of 2026. The consensus forecast range for full-year 2026 house price growth is 2–4%.
Published: 7 April 2026 | By PropertyWiki Team
PropertyWiki publishes monthly UK property market data using Halifax, Nationwide, BoE and Moneyfacts data. This bulletin is for informational purposes only and does not constitute investment advice.