The market continues its summer slowdown, but it’s far from quiet. Listings have dipped, reductions are easing, and sales volumes remain resilient. With stock levels high and fall-throughs edging down, there’s still plenty of life in the market, but sellers need to be sharper than ever.
Listings: summer dip but supply remains solid
33,000 new listings this week, down from 34,300 last week. While a drop is typical for this time of year, year-to-date listings remain 4.2% higher than 2024 and 7% above the pre-Covid average (1.07m vs 1.03m). Supply is still strong, meaning choice for buyers and a need for sharper strategy from sellers.
Price reductions: improving as realism sets in
23,500 homes were reduced in price this week, down from 25,600. That’s still 1 in 7.1 homes seeing price cuts monthly, but the downward shift suggests more accurate pricing at the point of listing. June’s reduction rate stood at 14%, up from 13.4% in May and above the long-term average of 10.6%.
Sales agreed: steady despite seasonal softening
26,000 homes were sold subject to contract, just down from 26,300 last week. Year-to-date agreed sales are now 769,000, 7.6% ahead of 2024 and 14.8% above the pre-Covid average of 670,000. That’s a strong result considering the time of year and economic backdrop.
Sell-through rate: remains under pressure
The sell-through rate in June remained at 15.3%, down from 16.1% in May. It matches the 2024 average but is still well below the 8-year norm of 17.9%. It’s a competitive market, and homes that don’t stand out or are priced too high risk sitting still.
Fall-throughs: trending in the right direction
6,345 fall-throughs were recorded last week, with the fall-through rate dropping to 24.4% of gross sales, an improvement on 24.7% the week before. This brings it close to the long-term average of 24.2%, showing increased resilience in chains and better buyer preparation.
Net sales: slightly lower but consistent
Net sales hit 19,700, a small drop from 19,800 last week. Still, the year-to-date figure of 588,000 remains 5.8% ahead of 2024 and 10.6% above the 2017, 2018, 2019 average. That’s a strong underlying trend in what’s traditionally a slower month.
% of homes selling: just over half make it
51.3% of homes that left estate agents’ books in June resulted in a completed sale. Nearly half didn’t. It’s a clear reminder that getting pricing, marketing, and buyer management right is critical to avoid being one of the homes that quietly vanishes off the market.
Stock and pipeline: robust levels remain
At the start of July, stock stood at 758,000 homes, 8.3% higher than July 2024. The pipeline of sales stood at 496,000, 4.9% up year on year. High supply means more choice for buyers and more work for sellers to cut through the noise.
House prices: no change from last month
Average sales agreed in June were still at £346.45 per sq ft, 2.46% higher than June 2024 and 1.48% above June 2022. This flat trend shows resilience without overheating and reflects a market that rewards realism.
Rental market: still tight
Average monthly rents held at £1,826 in June, still up from £1,758 a year ago. With supply squeezed and seasonal demand kicking in, rents are likely to stay high into the autumn.
In summary
The summer slowdown is here, but it’s not dragging the market down. Stock remains high, sales are steady, and fall-throughs are improving. But with more competition and buyers still cautious, sellers need to be focused, flexible and informed.
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