🏡 UK Property Market Update: May Prices Rise, But Market Conditions Remain Cautious
May’s House Price Index shows a seasonal uplift in asking prices, with the latest Rightmove data reporting a 1.2% increase since April. The national average asking price now stands at £378,304.
However, behind the headline figures, the wider market still feels cautious. While activity levels remain steady on paper, many agreed sales are progressing slowly, chains are taking longer to hold together, and buyers across the country continue to move carefully amid affordability pressures and ongoing economic uncertainty.
We’re also seeing increasing levels of price reductions nationally, as sellers adjust expectations in order to secure committed buyers in a more competitive market.
Rising Prices Don’t Tell the Full Story
Sales agreed remain steady, sitting 4% below last year’s market but 2% ahead of 2024. Mortgage rates have also improved slightly, with the average two-year fixed rate falling to 5.18%, down from 5.42% last month.
Across England, excluding inner London, price movement varied by sector:
- First-time buyer homes: £228,048, up 0.3% month-on-month, but down 0.7% year-on-year
- Second-stepper homes: £350,407, up 0.9% month-on-month and 0.5% year-on-year
- Top-of-the-ladder homes: £704,957, up 2.3% month-on-month and 0.1% year-on-year
This points to a market where confidence exists, but affordability is still shaping behaviour.
North Yorkshire Focus: DL7–DL11
Across DL7–DL11, the market remains active, but conditions are still challenging in places.
We’re continuing to see a significant number of price reductions across the area, with many sellers adjusting expectations several times before securing a buyer. Increased stock levels mean buyers have more choice and are comparing value carefully before committing.
The homes performing best are those entering the market realistically priced from the outset. Where pricing is too ambitious, properties tend to sit longer and require reductions later to regain momentum.
In many ways, this is a market where patience and accurate positioning matter more than headline price growth.
Final Thoughts
May’s index may suggest a degree of stability nationally, but from a local perspective, the market continues to feel slow and highly competitive.
For sellers, our advice is simple: only come to market when you are genuinely ready to move, and price correctly from day one. Strong presentation still matters, but realistic pricing is what creates momentum.
For buyers, this market does present an opportunity. If you see a home you genuinely love, view it and make an offer- waiting for reductions can sometimes leave you competing with multiple buyers who are thinking exactly the same thing.
If you're thinking of a move in the near future, get in touch with our Sales Team for any advice- 01748 834373