Your UK property market overview: adjusting to a shifting landscape

The UK property market is currently experiencing a dynamic period, with several key trends emerging from recent property market reports. 

Read on to find out what could be affecting you.

For sellers and buyers, the property landscape presents both challenges and opportunities. The average price of newly marketed properties has risen by 1.5% to £368,118, which is higher than the historic average March increase. Sales agreed have also increased by 13% compared to last year, and buyer demand is up by 8%. However, the average time to find a buyer is now the longest since 2019, indicating that while the market is recovering, it remains sensitive to pricing and external events.*

Overall, it’s a mixed picture, especially with the latest Halifax HPI reporting a slow annual growth, while also announcing that house prices are still higher year-on-year.***

Taking a closer look at regional changes

Across the UK, all regions have seen monthly increases in asking prices, with the East Midlands leading the way at 2.7% month-on-month, reaching £287,145, followed by the South West with a 2.4% month-on-month change, meaning property prices there are now £383,889.*

Scotland continues to lead the way in average time to sell, at 43 days - a good 20 days faster than the next region (the North East with 64 days). Here month-on-month property asking prices have slowed to 0.5%, but the year-on-year change remains higher than average at 4.2%. Average asking prices in Scotland are now £190,067.*

In Wales, average asking prices on properties are £256,499, having seen a 0.3% monthly increase, but remained static when compared to the same time last year (0.0%). Average time to sell in Wales takes about 82 days, according to Rightmove data.*

What does this mean for the rental market?

The rental market, in particular, has seen annual rental inflation for new lets in the UK slow, but still growing by +7.8% annually, with the average UK rent now being £1,223 per month.** Scotland remains the area with the fastest annual rental growth at 11.6%, while rental inflation in London has slowed to 5.1% due to a narrowing supply/demand imbalance and affordability pressures.**

For Wales, the rental market is showing signs of stability, with a rental inflation rate of 6.0% and average rents based on tenancies started in February 2024 reflecting an annual change of 5.9%.^ This suggests that the Welsh rental market is less volatile than other regions, providing a more predictable environment for both landlords and tenants.

These statistics highlight the fluctuating nature of the current property market and the need for both buyers and sellers, as well as landlords, to stay informed and adapt to these changing conditions. For more information, talk to us today.