The current property market is one of contrasts.
Asking prices are nudging upward, buyer choice is at its highest in over a decade, and mortgage rates are beginning to ease. Yet beneath that cautious optimism, the time it takes to complete is taking longer than it has in previous years, and sellers who don’t price right from the start are feeling the impact.*
Whether you are buying, selling, or letting, here is what the latest data tells us about where the market stands right now - and what it means for you.
The overall picture
The property market is holding its ground. The average asking price of a home coming to market climbed by 1.2% this month to reach £378,304, a rise that outpaces the typical increase seen over the past decade at this time of year. That said, prices remain 0.3% lower than they were a year ago, a reminder that the market is still finding its footing after a period of sustained pressure.*
Sales activity tells a similar story of cautious confidence. The number of sales agreed is running 4% below last year's levels, though it remains 2% ahead of the same period in 2024, suggesting the market is moving forward, although at a moderated pace.*
Regional differences continue to have a significant bearing on your experience of the market right now. Affordability is the key driver of regional performance, with the North East and North West leading the way in annual price growth, up 2.7% and 2.6% respectively, while London and the South West have fallen by 2.4% and 2.2% respectively.*
For sellers: price right from the start
Buyers have more choice right now than at any point in the past eleven years, with available stock at its highest level for this time of year since 2015.* That means competition among sellers is real and pricing strategy has never mattered more.
Currently, nearly a third of all homes listed for sale have had their asking price reduced. The consequences of overpricing are significant, with a home that has been reduced taking an average of 127 days to find a buyer, compared with just 36 days for a property that was priced correctly from the outset, a difference of over three months.*
Once a sale is agreed, the journey to exchange is also taking longer. The average home that exchanged contracts in April have been under offer for 104 days beforehand – the first time on record that the national average has exceeded 100 days.** More strikingly, 17% of homes took longer than six months to reach exchange after going under offer, up from 13% a year ago and more than three times the proportion seen 10 years ago.**
Fall-throughs remain a concern too. In 2025, 37% of all agreed sales did not reach completion. In the current market, late-stage collapses are becoming more common with close to one in four fall-throughs now happening after the three-month mark.**
The message for sellers is clear: a realistic asking price, combined with the right support through the conveyancing process, gives your sale the best possible chance of completing.
For buyers: opportunties in a shifting market
If you’re looking to buy, conditions are moving in your favour in several ways. Mortgage rates have eased, with the average two-year fixed rate now sitting at 5.18%, down from 5.42% the previous month.* That reduction, while modest, translates into meaningful monthly savings for many households.
First-time buyers will find the average asking price for entry-level homes at £228,048 - down 0.7% year-on-year. While those moving up the ladder are looking at an average of £350,407 for second-stepper properties.*
One area worth paying close attention to is the type of property you are buying. Leasehold homes are taking considerably longer to reach exchange, an average of 155 days, compared with 97 days for freehold properties.** If you’re purchasing a leasehold property, building in extra time and ensuring your solicitor is experienced in leasehold matters is strongly advisable.
Cash buyers also have a slight edge at the moment. Homes purchased with a mortgage took an average of nine days longer to reach exchange than those bought with cash in April, a gap that has widened as mortgage market conditions have introduced additional complexity.**
For landlords: a rental market still moving forward
Despite ongoing affordability pressures, the rental market continues to show resilience. The average rent across the UK reached £1,325 per month in April, which is a 2.1% increase on the same time last year and a 1.1% rise on the previous month. Excluding London, the national average sits at £1,135 per month. This uptick has largely been attributed to landlords and tenants in response to legislative changes, as the Renter’s Rights Act came into force May 1st.^
Regionally, rental growth is strongest in the North. The North East recorded annual growth of 4.9%, while the North West saw rents climb 2.7% year-on-year, making both regions among the most desirable for landlords seeking higher rental yields.^ In London, the average rent now stands at £2,128 per month, with monthly growth of 1.5% recorded since March.^
For landlords, the overall picture is one of steady demand and continued rental growth.
Looking ahead
The overall picture is one of a market that is resilient but realistic. Demand is holding up, mortgage rates are edging down, and buyer activity remains ahead of where it was two years ago. But the path from offer to exchange is longer and more complex than it has been in recent memory, and sellers who price competitively from day one are the ones completing successfully.
Whether you are selling, buying or investing, the key is to stay informed, price realistically and take advantage of the opportunities this market presents. Your local branch is here to help you do exactly that, contact us today
