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    Market Reports

    Latest: May property market report

    3 months ago
    Latest: May property market report

    Sold values cool

    Both Zoopla and the Nationwide had more moderate takes. Zoopla was still tracking house price increases but found the rate at which they were climbing was cooling. During its last four-week monitoring period, prices increased by just £200, with the average UK property selling for £268,000.

    The Nationwide found UK house prices had dipped slightly between March and April. It says the average property fell in value by 0.6%, which is £564. It says the UK’s typical home had a value of £270,752 at the end of April.  

    Current and potential home movers should not be perturbed by such minor price fluctuations. Instead, it is mortgage rates, not house prices indexes, that can decide whether the sales market soars or stagnates. And there was good news last month.

    Relief came in the unlikely form of American President, Donald Trump. The full force of his unexpected global tariffs were felt in April, with worldwide stock markets in turmoil and shockwaves felt in all financial markets. How did the UK react?

    Moves were made to shore up the economy. Speculation mounted regarding the Bank of England and a need to cut the base rate more times this year than anticipated. Prevailing conditions and conjecture were enough to see swap rates decrease. The net result was wholesale cuts to mortgage rates.

    Mortgage rates increasingly starting with a 3

    All of the major lenders started offering mortgages with sub-4% rates in April and the BBC described a ‘mini price war’ breaking out between lenders. Rightmove issued further news, saying the average 2-year, fixed rate mortgage rate was 3.79% at the end of April, with the average 5-year, fixed rate mortgage rate at 3.83%.

    The Bank of England meets again on 8th May. There is still confidence in a further base rate cut, which would bring the current rate down from 4.5%. A reduction would set us up for a busy sales summer and present movers with exciting opportunities.

    Rents continue to inch up

    Will the rental market also run hot? Again, this depends where you are and who you listen to. Rightmove reports on the lettings market in a quarterly capacity. It says that during Q1 of 2025, the national average asking rent, excluding Greater London, increased 0.6% to £1,349 per month. In Greater London, the national average asking rent increased by just 0.1% to £2,698.

    Perhaps a more accurate barometer is HomeLet’s rental index, which monitors monthly movement. It showed the UK’s average rent increased 1% in its last monitoring period. Drilling down, the figures showed a monthly rental increase of 0.7% outside of Greater London (£1,107 per month), and a 1.6% increase within Greater London (£2,059 per month).

    If you would like to know more about your local property market, please get in touch.

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