Your monthly UK housing market update. Covering sold prices, asking prices, surveyor sentiment and what could be next for the property market.
HM Land Registry – Sold Prices
Across the nations, Scotland (5.8%) and Wales (5.3%) continue to see above-average growth, while England sits at 3%. Northern Ireland remains the frontrunner, with prices up 9.5% year-on-year in Q1.

After a hectic spring, the housing market eased off in April. Annual house price growth slowed to 3.5%, down from 7% in March. The average UK sold price rose to £265,000, around £9,000 more than this time last year. However, on a seasonally adjusted basis, prices dropped by 2.8% between March and April—marking a noticeable cooling.
But the big story this month is transactions. After a surge in March (when many rushed to beat the April stamp duty hike), sales plummeted by 63.5% in April. Add to that a fourth monthly fall in mortgage approvals (now down to 60,500) and it’s clear many buyers are holding back, waiting for a clearer outlook.

Rightmove – Asking Prices
Sellers blinked first this June. In a rare seasonal dip, asking prices dropped by 0.3%, down to £378,240. It’s not typical for prices to fall in June, but with buyer choice at decade-high levels, many sellers are adjusting their expectations to secure a deal.
That said, the market isn’t standing still. May recorded the highest number of agreed sales since March 2022, with activity 6% up on last year. Overall, asking prices are still 0.8% higher than in June 2024, showing a modest but steady upward trend.

There’s also a growing divide between regions. The South and London, hit harder by recent stamp duty changes and rising supply, saw the biggest price drops. Meanwhile, more affordable regions like the North West, Wales, and Yorkshire led the charge on price growth this month.
With buyer demand 3% ahead of last year, Rightmove’s advice is simple: price it right and sell it faster—especially if you get early enquiries.

RICS – Chartered Surveyor Sentiment
The latest RICS survey paints a picture of a market still finding its footing. Buyer demand and agreed sales remain negative, with net balances at -26% and -28% respectively for May. But there’s a flicker of optimism: short-term sales expectations have improved to -5%, and +25% of surveyors now expect activity to rise over the next 12 months—the most upbeat result in months.

House prices appear to be flattening, but not collapsing. The overall balance slipped to -8%, its weakest since July last year. East Anglia (-34%) and the South West (-31%) reported the steepest falls, while Northern Ireland stood out again, with an eye-catching +92% of surveyors reporting price rises.
Stock levels continue edging upwards, too. New listings have now risen for 11 straight months, and market appraisals are up year-on-year. This suggests sellers still see opportunities, even though buyers remain cautious and selective.

Zoopla – Housing Market Outlook
Zoopla’s latest update highlights the delicate balance many sellers are facing: hold out for a higher price, or move quickly and seal the deal. Over 1 in 5 homes currently on the market have been listed for over six months—suggesting that sticking to price expectations can mean a longer wait.

But there’s clear momentum in the market, with many buyers actively looking to move in 2025. Improved mortgage affordability has already boosted borrowing power by around 20%. With a wide choice of homes available, buyers are well placed but still price-sensitive, especially in higher-value areas.
For sellers, success now hinges on pricing and choosing an agent who knows how to market strategically in a competitive landscape.
Looking ahead, Zoopla expects a 5% rise in sales volumes this year, with house price growth remaining steady at around 1–2%—enough to keep the market moving without overheating.

Express Index
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