>> Key property market highlights:

• House prices have experienced an average growth of 1.4% year-on-year*  
• The average house price in the UK now sits at £272,300* 
• Northern regions continue to shine, with the North East and North West recording yearly growth of 3.5%*  
• Rental prices have increased by 3.4% compared to this time last year^  
• Average rent on new lets is £1,353 per month^  

As we move further into the summer months, the UK property market continues to show resilience. Despite a backdrop of political uncertainty, buyers are still out there, keeping market activity moving forward. That said, buyer demand has dipped 15% compared to this time last year, but house prices have risen by 1.4% nationally, with the average UK home now valued at £272,300.* 

The North East and North West are leading on annual price growth, both recording a 3.5% rise, driven by strong local demand and an affordability that makes these areas increasingly attractive to buyers. Meanwhile, London has remained broadly steady, with a marginal 0.2% dip. 

What this means for sellers

Sales agreed figures are showing a slowdown across the board, though the picture varies quite a bit depending on where you are in the country. Northern England and Scotland have seen a more modest decline of between 3% and 6%, while some areas of Wales, the South West, the East of England, and the East Midlands are seeing reductions of over 10%.* 

For anyone looking to sell, making a strong first impression and pricing your property correctly from day one is essential when it comes to standing out in a competitive market. 

What this means for buyers

If you’re thinking about buying a new home, the current market could be working in your favour. With more properties available than this time last year, you have a wider selection of homes to explore and consider.* 

The encouraging news is that mortgage rates have eased in recent months, giving well-prepared buyers who are realistic about their budget greater flexibility than they had a year ago.*  

Your regional property market overview

The regional divide between north and south continues to shape the market, with more affordable northern areas once again stealing the spotlight. 

Leading in growth are the North East and North West, both recording annual house price growth of 3.5%. Scotland is not far behind and is also posting a healthy 3.0% annual growth.* 

In the south of the country, however, the picture is a little more subdued. London and the South East have seen a slight decline of 0.2%, while the South West has managed only marginal growth of 0.1%. The East of England is faring slightly better, edging up by 0.7%.* 

The Midlands is showing potential, with the East Midlands recording 1.4% annual growth and the West Midlands delivering 2.1% growth. Wales is also one to watch, outperforming the national average with annual house price growth of 2.3%.* 

Your UK rental market snapshot

The latest rental figures paint a clear picture of a market that continues to grow. The average monthly rent across the UK, including London, has reached £1,353 per calendar month (pcm), representing a 3.4% increase year-on-year and a 1.0% rise from the previous month.^ 

Excluding London, average rents for newly agreed tenancies have risen 1.0% month-on-month to £1,157 pcm, with a 2.7% increase year-on-year. In London, rents have climbed to £2,181 pcm, up 0.9% on the previous month and a notable 5.0% higher than this time last year.^ 

The North East and West Midlands are showing the highest growth, both recording an annual increase of 3.9%, and Scotland is also exceeding the national average, with rents rising 3.6% year-on-year.^ 

Elsewhere, growth has been a little more measured. Wales has seen rents rise by 1.0% annually, with average rents currently sitting at £927 pcm. The South East has recorded annual growth of 1.7%, with average rents at £1,454 pcm, while the South West has seen a 2.4% increase, bringing average rents to £1,222 pcm.^