Buyer activity continues to be resilient. May saw the highest number of sales agreed in any month since March 2022, and 6% ahead of the same month last year, as properties marketed at the right price and presented in top condition continue to attract buyers.

Buyer demand is now 3% ahead of this time last year, while the number of homes coming to market is 11% ahead. With buyer choice so high, the market is very price sensitive, so pricing realistically is key to selling. Zoopla reported that people continue to be price-sensitive with their moves, with cost-of-living pressures and higher interest rates impacting affordability.

Rightmove data shows that homes which attract an enquiry on the first day of marketing are 22% more likely to find a buyer than homes which take more than two weeks to receive their first enquiries.

New seller asking prices surprisingly dropped by 0.3% this month to £378,240 nationally. This is an unusual dip for June, as new sellers lower their price expectations amid decade-high competition to secure buyers.

Some segments of the market are performing more strongly than others with affordability and supply levels being key – prices in Yorkshire and Humberside have risen the quickest this month, and the overall asking price for a home is still 0.8% higher than this time last year.

Properties to the South of the country have seen larger price drops this month, being more affected by the higher stamp duty charges. More than 1 in 5 homes (22%) currently listed for sale have been on the market for more than 6 months and remain unsold.

For sellers, it is natural to have a price in mind that you want to secure for your home, or you may have a price you need to unlock your next move – keep in mind that you may have to wait longer to achieve your desired price if it is not in line with your local market – ultimately, it might come down to a choice between selling quickly and achieving a specific sale price.
Buyer activity remains resilient, with affordability improving for some. Average wages are rising faster than house prices, and many lenders are losing their affordability criteria.

It is an encouraging market for those looking to buy, with a very good choice of homes for sale, which also means that purchasers have good negotiating power.

Zoopla claim that buyers will continue to feel the benefits of plenty of choice this year, as well as improved mortgage affordability. This has already given a 20% boost to buying power for those using a mortgage, helping more people make a move in 2025.

If you are considering selling your home and would like a free market appraisal with David Phillip FRICS call 0113 4676400 w: davidphillip.co.uk

David Phillip Estate Agents, selling houses in North Leeds, Bramhope, Adel, Pool-in-Wharfedale, Cookridge and Alwoodley.