UK Property Market Update – The UK housing market continues to demonstrate resilience, with the average asking price climbing to a new all-time high of £379,517 in May. However, beneath the surface, the data reveals a more balanced and complex picture—especially here in the East Midlands.
National Overview: Record Values with Caution in the Air
- Asking prices increased by 0.6% month-on-month—an uplift of £2,335—marking a new national benchmark.
- However, this rise is the smallest May increase since 2016, reflecting the impact of an abundant housing supply.
- The number of new listings is now 14% higher than a year ago, giving buyers more choice and dampening upward pressure on prices.
- Buyer enquiries dipped in April, likely influenced by recent stamp duty adjustments, and were down 4% compared to April 2024. Still, demand remains 3% stronger year-to-date, with early May showing signs of recovery.
- Encouragingly, sales agreed are 5% above last year, proving that well-priced, well-presented homes continue to sell.
East Midlands Snapshot: Holding Steady but Competitive
Moving away from the UK Property Market Update. Locally, the East Midlands market presents a more measured picture:
- Asking prices declined slightly by 0.1% month-on-month.
- Year-on-year, values have risen by 1.2%, with the average home now listed at £291,918.
- Properties are currently taking around 67 days to secure a buyer, showing a slightly slower sales cycle compared to some regions.
This indicates that while the regional market is steady, sellers should remain pragmatic with their pricing strategies. With more stock available, today’s buyers are more discerning and price-sensitive than in previous years.
Advice for Buyers and Sellers: Stay Strategic
🔹 For Sellers:
- The interest is there—but buyers are more selective.
- Homes that are competitively priced and well-presented are still receiving offers.
- Overpricing can cause delays and reduce viewing interest, especially in a saturated market.
🔹 For Buyers:
- A wider selection of homes and improved mortgage rates (some now as low as 3.72% for a two-year fix) make this a favourable time to act.
- As summer progresses, competition may increase, so if you spot the right home, it’s wise to move decisively.
Final Thoughts
May 2025 has delivered a new national price record, but the market is clearly beginning to rebalance after a brisk start to the year. With more properties coming to market and buyer activity modestly easing, sellers must be realistic and flexible, while buyers can enjoy a broader selection and better affordability.
Whether you’re looking to get on the ladder, move up, or explore your options, Scoffield Stone is here to guide you every step of the way.
Contact us today for a personalised valuation or expert local advice – Contact Us | Scoffield Stone
