The property market began 2026 on relatively stable ground, with rising buyer demand, improved supply, and a dip in mortgage rates. Rightmove data showed January saw its largest asking price increase in 25 years.
That window was short-lived. Just six weeks later, US and Israeli strikes on Iran pushed up energy prices, influencing inflation expectations and mortgage swap rates. Lenders swiftly withdrew their lowest-priced deals, and mortgage rates rose sharply through March, erasing much of the early-year gains.
Despite the rapid shift, Michelle Niziol, founder of agency brand IMS Property Group, says there are still opportunities for buyers to move ahead, though conditions require closer attention and faster decision-making.
Niziol said: “The speed of the change caught many buyers off guard and brought back a level of uncertainty about what may happen next.
“What we’re seeing now isn’t buyers disappearing, it’s buyers pausing – the intent is still there, but people are taking longer to commit because of how quickly conditions have changed.”
Niziol believes it is up to estate agents to persuade buyers that they do not need to “wait for the perfect moment” to buy property.
She continued: “The perfect moment rarely arrives in the way people think it will. What matters more is whether the numbers work for you today and stay sustainable over time. Waiting can sometimes make things harder rather than easier, whether that’s through rising rents, higher deposits or more competition when things do improve.
What’s challenging for some buyers is an opportunity for others. Higher rates have made affordability tighter, but they’ve also taken some of the heat out of the market. With more choice and less competition, this is a better environment for buyers who are well-positioned, those with strong deposits, equity behind them, or finances already lined up.”
“The property market continues to reward people who plan properly and think long term,” Niziol added. “What’s changed is that decisions need to be grounded in today’s conditions, not a version of the market that may not come back in the same way. If the numbers work now and they work sustainably, there’s no good reason to wait.”
