Spring market: more choice for buyers as prices steady

A window of choice for buyers

The average asking price of a home coming to market rose 1.2% in May to £378,304, according to Rightmove — yet it is 0.3% lower than a year ago. The bigger story is supply: there are more homes for sale than at any time at this point in the year since 2015, and around a third of listings have already had their asking price cut.

That hands buyers leverage, but it cuts both ways for sellers. Rightmove found correctly priced homes take about 36 days to find a buyer, against 127 days for those that have to drop their price — so realistic pricing is doing the heavy lifting.

Why the headline numbers disagree

You’ll see several different “average” house prices this month, and they don’t match. Rightmove’s £378,304 is the average asking price of newly listed homes. Halifax (£299,313 in April, down 0.1% on the month but up 0.4% on the year) and Nationwide (£278,024 in May, up 1.7% on the year but down 0.6% on the month) are each based on their own mortgage-approval data, which is mix-adjusted and lower.

The official ONS index — based on completed sales, and so lagging by about two months — put the average UK home at £268,000 in March, broadly flat on the year, with London prices down for an eighth month while Wales, Scotland and Northern Ireland edged up. None is “wrong”: they simply measure different stages of the journey, from listing to mortgage approval to completion. Read together, they tell a consistent story — a steady market with more to choose from.

Rates and demand

Demand is holding up better than the spring’s rate turbulence might suggest: sales agreed are only about 4% below the same point last year, and mortgage approvals have reached a four-month high. The Bank of England has held base rate at 3.75%, and Rightmove’s own mortgage tracker shows the average two-year fixed rate easing to 5.18% from 5.42% the previous month as lenders compete again.

Beneath the averages, lenders are sending mixed signals — some trimming rates while others nudge them up week to week. For buyers, steadier rates plus more choice is a useful combination — you can sense-check what a move looks like with the repayment calculator before you start viewing.

Making the most of the window

With more stock and less competition, a prepared buyer is in a strong position this spring.