Key takeaways:
- Could 2025 was the busiest month for gross sales agreed since March 2022
- Could is often a busy month for gross sales agreed being in the course of the Spring promoting season – this was the busiest Could since 2021
- Affordability and worth are influencing gross sales traits, with 9 out of the highest 10 gross sales hotspots beneath the common home value
Only a few weeks in the past, knowledge from our month-to-month Home Value Index pointed to a extra settled market, following the push to finish purchases earlier than stamp obligation adjustments kicked in on the finish of March. Purchaser demand had dipped by 4% in April, and annual value development noticed its smallest Could enhance since 2016.
However quick ahead to Could 2025, and we’ve seen the very best variety of agreed property gross sales in a single month since March 2022, and the busiest Could since 2021. This means that many home-movers are persevering with with their plans, even after the will increase some patrons discovered themselves confronted with from April. Learn extra about stamp obligation and the way a lot you would possibly pay when shopping for a house.
Gross sales agreed throughout Nice Britain are presently 6% larger than a 12 months in the past, however the native figures differ. Wales is seeing the strongest development, with gross sales agreed up 15% on the identical interval final 12 months, whereas London has seen the smallest enhance, at +1%.
The place are the gross sales agreed hotspots?
Check out the areas which have seen the most important enhance is gross sales agreed since this time in 2024. 9 of the ten top-performing gross sales hotspots outdoors London have common asking costs beneath the nationwide common, indicating that price-sensitive patrons are specializing in areas the place their budgets stretch additional.
Areas in Nice Britain (outdoors London) with greatest uplift in gross sales agreed
| Location | Gross sales agreed YOY | Common asking value |
|---|---|---|
| Heywood, Larger Manchester | +88% | £205,221 |
| Pudsey, West Yorkshire | +85% | £264,920 |
| Wilmslow, Cheshire | +66% | £569,694 |
| Irvine, Ayrshire | +63% | £131,659 |
| Rushden, Northamptonshire | +61% | £273,572 |
| Brighouse, West Yorkshire | +58% | £237,822 |
| Newton Mearns, Glasgow | +55% | £348,922 |
| St. Annes, Lancashire | +52% | £274,023 |
| Lichfield, Staffordshire | +51% | £372,494 |
| Brislington, Bristol | +51% | £359,475 |
Areas in London with greatest uplift in gross sales agreed
| Location | Gross sales agreed YOY | Common asking value |
|---|---|---|
| Barnet, North London | +68% | £735,218 |
| Kingston Upon Thames, Surrey | +52% | £781,977 |
| Tottenham, North London | +51% | £463,090 |
| Mitcham, Larger London | +49% | £435,418 |
| Hampstead, North West London | +32% | £1,367,757 |
| Beckenham, London | +32% | £625,018 |
| Hayes, Middlesex | +30% | £433,239 |
| Becontree, Dagenham, London | +29% | £371,607 |
| Bow, East London | +25% | £500,954 |
| Enfield, Larger London | +25% | £456,014 |
What do the consultants suppose?
Our property knowledgeable, Colleen Babcock, says: “This month’s hotspots replicate broader market traits pushed by affordability and enticing property costs. With mortgage charges larger than the lows we noticed publish monetary disaster, and affordability stretched, many patrons are persevering with to search for worth, which is probably going mirrored within the decrease than common costs of among the present hotspots. With the general variety of sellers persevering with to run at a decade-high, sellers have to even be conscious of the competitors they could face from different sellers making an attempt to safe a purchaser of their space.”
What might occur subsequent?
Could’s sturdy gross sales figures recommend the housing market is discovering its rhythm once more. The stamp obligation deadline earlier within the 12 months created a brief burst of exercise, adopted by a quick pause – issues now appear to be settling right into a extra constant tempo as patrons and sellers regulate to present situations.
For those who’re considering of promoting your private home, it’s price holding in thoughts that there’s extra alternative on the market for patrons than we’ve seen in a while. Meaning getting the worth proper from the beginning could make an actual distinction. Colleen provides: “Working with an area agent to cost realistically and competitively for that market, quite than pricing too excessive, is one strategy to enhance the chance of a profitable sale.”
Pondering of transferring quickly? Check out our home-moving toolkit to get began.
The header picture for this text was supplied courtesy of Beresfords, Nation and Village.
READ MORE: Home costs hit new report in Could
