Overview

• Average asking prices for homes in Britain hit a record £379,517 in May, marking a 0.6% month-on-month rise.
• This spring’s price increase is the smallest for the season since 2016, reflecting a more tempered market after the stamp duty holiday ended in April.
• Buyer demand dipped 4% year-on-year in April but is showing early signs of recovery in May, according to Rightmove data.
• The number of homes for sale has reached its highest level in a decade, giving buyers more options and intensifying competition among sellers.
• Falling mortgage rates, driven by a recent Bank of England base rate cut to 4.25%, are boosting affordability and encouraging buyer activity.