The newest knowledge reveals that London is the most important regional driver of recent vendor asking worth falls this month, with a decline of 1.5%, led by internal London with a 2.1% lower.
It additionally discovered that the variety of gross sales being agreed is 5% greater than right now final 12 months whereas the variety of potential future consumers contacting property brokers about houses on the market is 6% greater than final 12 months.
Average new vendor asking costs are 0.1% greater than they had been a 12 months in the past. With decrease mortgage charges and common wage rises outstripping each home costs and inflation, Rightmove says general purchaser affordability continues to enhance.
Rightmove’s mortgage tracker reveals that the typical two-year fastened mortgage charge is 4.53%, in contrast with 5.34% right now final 12 months, a saving of practically £150 monthly on a typical new mortgage.
At the midway level of the 12 months, Rightmove is lowering its worth forecast for 2025 from a rise of 4% to an increase of two%, because the excessive degree of vendor competitors is limiting worth development.
However, it has retained its prediction of 1.15 million transactions this 12 months.
Rightmove property skilled Colleen Babcock says: “We’re seeing an fascinating dynamic between pricing and exercise ranges proper now. The wholesome and enhancing degree of property gross sales being agreed reveals us that there are motivated consumers on the market who’re prepared to finalise a deal for the suitable property.”
“What’s most essential to recollect on this market is that the worth is vital to promoting. The decade-high degree of purchaser alternative signifies that discerning consumers can shortly spot when a house seems to be over-priced in comparison with the various others that could be out there of their space.”
“It seems that extra new sellers are aware of this and are responding to this high-supply market with stand-out pricing to entice consumers and get their house bought.”
“It’s been a promising first half of the 12 months for exercise ranges, significantly when you think about that some may have introduced their plans ahead to attempt to keep away from added stamp obligation from April. Even after the stamp obligation deadline, we’re seeing extra gross sales being agreed and extra new potential consumers coming into the market than on the similar time final 12 months.”
“Still, the knock-on impact of excessive purchaser alternative is slower worth development, so we’re revising down our prediction of how a lot the asking worth of a house will enhance over the entire of the 12 months.”
“Looking forward to the second half of 2025, there’ll nonetheless very probably be the standard quieter seasonal durations across the summer time holidays and Christmas, however we anticipate market exercise to proceed to be resilient. Crucially, purchaser affordability is on course, and one other two Bank Rate cuts earlier than 2026 could be an enormous increase to this.”
Together chief industrial officer Ryan Etchells feedback: “A consecutive month-to-month fall in home costs confirms what we’ve been seeing of late: that it’s a consumers market. What might have been interpreted as a blip following the rise in stamp obligation in April might be a extra extended interval of subdued exercise.”
“While mortgage charges have lowered barely in latest months, cussed inflation and excessive stamp obligation might be holding again consumers, who’re ready to see what is going to occur to mortgage charges within the close to future. All eyes will likely be on the subsequent Bank of England rate of interest choice subsequent month, with many consultants predicting a minimize.”
“However, subdued home costs might current a wonderful alternative for aspiring homebuyers, in addition to landlords trying to develop their portfolios.”
“Those eager to grab a chance and transfer ahead with their property plans over the summer time can take into account the big selection of monetary merchandise out there, like Shared Ownership mortgages or bridging loans for quick, versatile finance.”
