June Market Update

Was property the darling bud of May? After digesting the reports and analysis, we can confirm that sales and lettings are in full bloom. Here is where the property market stands at almost 2025’s halfway point.

1) New sellers showed new confidence: Rightmove’s May House Price Index revealed new seller asking prices had increased 0.6% in the last month. This equates to £2,335 extra. The UK’s new average asking price is £379,517.

More homes made available

2) ‘For sale’ signs springing up everywhere: both Rightmove and Zoopla observed an increase in the number of new homes listed for sale. Rightmove said there has been a 14% year-on-year increase in the number of homes for sale. Zoopla had this figure at 13%.

An increasing appetite to move

3) More sales agreed in May: one of the best indicators of market health is the number of sales agreed. In May 2025, Rightmove found this figure was 5% above that noted in May 2024. Zoopla agreed. It said the number of sales agreed in May was the highest it had been for 4 years - up 6% on last year.

4) No house price shocks: Zoopla’s latest House Price Index found the UK’s average house price stayed the same between March and April this year. Buyers were paying an average of £268,250. This represents annual growth of 1.6%.

5) Family favourites identified: Zoopla also looked at the most affordable UK towns for families, balancing prices and mortgage repayments with earnings. Eight of the top 10 towns were in Scotland or Wales, with Glenrothes and Llanelli topping the list. England’s only entries were Dartford and Swanley.

6) Welsh values took off: Principality Building Society’s Wales House Price Index showed property prices increased 2.2% during Q1 2025. A buyer in Wales now pays an average of £238,413. Looking at long-term inflation, Bridgend in South Wales was miles ahead with an 11% annual price increase.

7) Skimping on surveys revealed: a poll of 2,000 recent homebuyers by Peter Cox highlighted the importance of surveys. Of the homeowners who skipped having a professional building survey, 44% discovered they needed to carry out costly repairs within 12 months of moving in.

8) We don’t all love where we live: the results of a different survey published by PropertyReporter showed not everyone has loyalty to where they live. Although 51% of recent UK purchasers said they moved within their existing local authority, 49% relocated out of area. Of those, 21% relocated to a new region or home nation entirely.

Major research project announced

9) Welsh Housing Survey on its way: The Welsh Government has committed to a Welsh Housing Survey, to be conducted in 2027-2028. Surveys and property inspections will occur at randomly selected Welsh properties. The results will detail fuel poverty, energy efficiency and housing quality.

10) Mortgage rates decreased: those taking out a new home loan in May found mortgage rates had fallen to their lowest since the start of September 2022. There was also a better choice of deals. Average 2- and 5-year fixed rates were 5.18% and 5.10%, respectively.

New tenancies cost more

11) Rent increases persisted: the latest HomeLet rental index found the UK’s average monthly rent increased 0.8% during its last reporting window. Tenants signing a new agreement will pay a monthly average of £1,298. Annually, rents have risen 0.3%

12) North-South divided: the South West saw rents rise the most, increasing 2.1% in the last four-week period. In contrast, rents fell 0.1% in the North East and stayed the same in the North West. London’s rental recovery continues, with new tenancies now 1.1% more a month.

If you would like to know more about your local property market, please get in touch.