Prices Hit New Record Despite a Softer Late Spring Market

Prices Hit Record High Despite Slower Spring Market

New seller asking prices rose by 0.6% (+£2,335) this month to a record £379,517. However, this is the smallest seasonal increase for late Spring since 2016, as a high number of homes for sale is limiting further price growth.

The market has cooled slightly after a strong first quarter. Buyer demand dipped in April—down 4% year-on-year—likely due to the recent stamp duty hike. Still, demand so far in 2025 is 3% higher than last year, with early signs of recovery in May.

Despite April’s slowdown, sales agreed are up 5% compared to last year, showing buyers remain active when properties are well-priced. New listings have surged 14% year-on-year, meaning sellers may need to adjust price expectations.

A recent Bank Rate cut could improve affordability and boost buyer activity later this year. The lowest two-year fixed mortgage rate is now 3.72%, down from 4.75% a year ago.

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