Transactions this year are nothing but remarkable – at a national level – and, as the chart from Chris Watkins and TwentyEA shows, property listings are 12% higher than we’ve seen in the last decade.
And, more choice for buyers definitely helps drive sales as, despite higher mortgage rates, their net sales Year to Date data shows transactions are 5.7% higher than 2024 and 10.6% higher than previously ‘normal market’s from 2017 to 2019. Happy days!
Source: Chris Watkin and TwentyEA https://www.youtube.com/watch?v=e6wchVvd5AU
Summary of the latest supply and demand data
“It’s a two-speed market. While many sellers are pricing competitively and agreeing sales, others are still pricing too high: 34% of properties for sale are reduced in price, and since 2012, it’s only been higher at this time of year in 2023. The overall average time to find a buyer is now 62 days, however, it takes an average of 32 days to find a buyer if a property doesn’t need a price reduction, versus 99 days if it does. The Bank of England’s third rate cut of the year helps buyer optimism and affordability further, with Rightmove’s daily mortgage tracker showing that the average two-year fixed mortgage rate is now 4.49% compared with 5.17% at this time last year: However, the closer than expected Bank vote has cast some uncertainty over a fourth cut before the end of the year.”
“HMRC monthly property transaction data show UK home sales increased in June 2025. UK seasonally adjusted (SA) residential transactions in June 2025 totalled 93,530 – up by +13.4% from May’s figure of 82,510 (up +16.6% on a non-SA basis). Quarterly SA transactions (April 2025 – June 2025) were approximately -37.0% lower than the preceding three months (January 2025 – March 2025). Year-on-year SA transactions were +1.3% higher than June 2024 (+4.6% higher on a non-SA basis). The RICS Residential Market Survey results for June 2025 indicate a steadier sales market, with buyer enquiries moving out of negative territory for the first time since January 2025. New buyer enquiries recorded a net balance of +3%, up from -22%. Agreed sales improved to -3%, compared to -25% and -28% previously. New instructions recorded a net balance of +3% (+7% previously).”
“The housing market is broadly in balance. More people are agreeing sales and selling homes, but this is not leading to faster price inflation, which would stifle market activity and lead to fewer home moves. Sellers in southern regions of England must be very mindful of how they price their homes. The number of homes for sale is much higher in these areas compared to a year ago, reinforcing a buyers’ market and keeping price inflation in check. London has 19% more homes for sale than a year ago and available supply is 16% higher in the South East and South West.”
“On average, 10.9 homes were listed for sale per branch in June 2025, a slight fall from the month before. Provisional data shows that completed residential transactions in May 2025 were lower than in May 2024, continuing the year-on-year downward trend. Member branches registered an average of 74 new prospective buyers in June 2025, broadly unchanged from the previous month, suggesting stabilisation in buyer demand.”