UK Housing Market Update
In May, average asking prices reached a record high of £379,517, marking a 0.6% increase month-on-month.
UK Housing Market Update – In an article by the British Association of Removers, we wanted to share their findings.
New listings surged to a decade-high, up 14% year-on-year.
Despite these rising prices, demand is cooling, providing buyers with more negotiating leverage in the current market.
- Average asking price – hit a new high of £379,517 in May — a 0.6% (+£2,335) increase month-on-month.
First-time buyer – asking prices rose to about £229,648, up 0.5%. Second-steppers: £348,696 (+0.6%). Top-tier: £704,290 (+1.6%) rightmove.co.ukrightmove.co.uk.
- New listings are at a decade-high – (+14% year-on-year), corresponding with slower price growth amid rising stock levels openhousestaffordshire.co.ukrightmove.co.ukAvocado Property.
Though prices are record-high, demand is cooling seasonally; a surplus of homes is giving buyers more negotiating leverage rightmove.co.ukGarrington Property Finders.
- Zoopla’s recently released House Price Index – (up to March) showed a 1.6% annual rise.
With average UK house price at £268,000 ZooplaGarrington Property Finders.
- ONS provisional data – (up to March) reveals average UK house prices rose by 6.4% year-on-year to £271,000; private rents climbed 7.4% to £1,335/month Office for National StatisticsGOV.UKToday’s ConveyancerProperty Investor Today.
Regional highlights: North East prices jumped ~14.3% year-on-year; London lagged at +0.8% GOV.UK.
- Gable Mortgages launched no‑deposit mortgages – at 5.95% (5.65% for new builds), allowing borrowing of up to 4.5× income, or 5.5× for key workers The Scottish Sun.
- Mortgage approvals are modestly rising – Bank of England reports a +4.5% year-on-year increase Garrington Property FindersSavills.
- Spring saw a surge in listings – highest supply in over ten years—from both Rightmove and Garrington analysis openhousestaffordshire.co.ukGarrington Property Finders.
With supply high, buyer demand remains cautious; RICS reports show net balances of −33% for new enquiries and −31% for sales agreed (lowest since Aug 2023), though outlook remains moderately positive with +17% expecting market growth Garrington Property Finders.
- Zoopla anticipates around +2.5% house price growth – by year-end (from February data) and 5% more sales in 2025 ZooplaZooplaMorningstar.
Written by Ian Studd
Director General at BAR
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British Association of Removers
Tangent House
62 Exchange Road
Watford
WD18 0TG
For more information on BAR, visit there website – www.bar.co.uk/
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