š” House Prices Reach New Record in May ā What It Means for You
As your local property experts here at Mannleys Sales & Lettings, weāre keeping a close eye on the latest housing market trendsāand May has brought some interesting developments worth sharing.
š Record High Asking PricesāBut Growth Slows
The average asking price of a home across the UK has reached a new record this month, now sitting just below Ā£380,000 (Ā£379,517 to be exact). Thatās a 0.6% monthly increase, or roughly Ā£2,335, although itās worth noting this is the smallest May price rise since 2016.
Despite the headline, this modest increase is more about typical seasonal trends than surging demand. As weāve seen every year since 2020, prices tend to peak in May during the busy spring market.
š More Properties, More Choice
One standout trend weāve observed is the number of homes available for saleānow at its highest level for this time of year in over a decade. Here in Shropshire and Telford, weāre certainly seeing more property listings, which is giving buyers greater choice and slightly slowing down the pace of price growth.
New sellers are entering the market in strong numbers, with 14% more listings than this time last year. However, buyer demand has dipped slightlyādown 4% compared to last April, following the stamp duty deadline rush in March.
At Mannleys, weāre still agreeing more sales than this time last year, with motivated buyers jumping on well-presented, competitively priced properties. But sellers should be aware: with more competition out there, pricing your home correctly is more important than ever.
š§ Our Advice for Sellers
Weāre now in a market where buyers often have several similar properties to choose from. Overpricing can quickly push a property out of the running, no matter how desirable. To stand out, realistic pricing and strong presentation are key.
Weāre here to guide you through every stepāfrom valuation to saleāmaking sure your home is positioned perfectly in the market to attract serious interest.
šø Mortgage Market Looking More Positive
Thereās also good news for buyers when it comes to mortgages. Interest rates have eased compared to last year, with the average two-year fixed deal now available from around 3.72%ādown from 4.75%. Another Bank of England base rate cut is on the horizon, which could improve affordability even further.
This combination of better rates, steady earnings growth, and a wider selection of homes is creating a healthier, more balanced marketāgood news for both buyers and sellers.
Thinking of selling or just curious what your property might be worth in the current market?
Let our experienced team at Mannleys Sales & Lettings provide you with a no-obligation valuation and expert advice tailored to your property and your goals.
