In response to the ONS Private Rents and House Price data published today which showed that UK house prices increased by 3.9% to £269,000 in the 12 months to May 2025, Nick Leeming, Chairman of Jackson-Stops, comments:
"The market is readjusting following an accelerated start to spring and a shift in buyer sentiment, as broader economic factors take hold during a typically quieter seasonal period for the market.
"Ultimately, good property priced correctly will sell - but in the current climate, it's more important than ever for sellers to listen to agent advice on pricing. Many vendors now entering the market bought in very different conditions and may need to adjust their expectations. While there is a healthy level of stock, the market would benefit from more active buyers.
"Current barriers for buyers entering the market include the hope of lower interest rates later in the year and the broader cost of moving. Our recent research shows that half a million older buyers would enter the market if stamp duty relief was applied to the property they were downsizing to, injecting much-needed fluidity across the housing ladder. This was especially true among those living in London, the East of England, and the South West.
“Looking ahead, the expectation is that activity remains steady into the mid-year market. The market still has a strong contingent of committed lifestyle buyers which is being supported by the 'must movers'.
