Following the ONS House Price Index published today which showed that in May 2023 UK house prices decreased by 0.4% on a seasonally adjusted basis, to £286,000 on average, Nick Leeming, Chairman of Jackson-Stops, comments:

“After an unexpected uptick last month, house prices once again reflect the swing back to a buyers’ market. All the same, we mustn’t overlook that house prices remain on a par with a year ago, having risen £6,000 annually, demonstrating just how significant prices have risen in the past three years.

“Across the Jackson-Stops network, clear differences are emerging in local markets. In the South West, on the East Coast and in some of the Home Counties, demand from buyers is even higher now than a year ago, bucking wider market trends and showing resilience that defies predictions.

“Cash remains king in the current climate, while mortgage rates continuing to fluctuate and weigh heavy on guide prices across the board for downsizers, who make up a huge proportion of sellers in the prime market.

“There is no shortage of people trying to buy houses; on the contrary, buyers still remain committed for the right property, and we are seeing consistent interest for houses that tick all the boxes.

“That ideal home in the perfect school catchment area or with undisturbed views will always be met with fascination and desire from prospective buyers.

“At the same time, buyers who don’t need to move right now are searching at a more leisurely pace, and are holding out for a lower price than they might have done a year ago, especially for properties where trade-offs are involved.

“There needs to be a meeting of minds between sellers and buyers when it comes to pricing. We’re clear with buyers when conducting valuations that over-enthusiastic asking prices could make negotiations unavoidable further down the line.”