Wellingtons Property Edit - May
After a flat-out April, May has seen the market cool off a little–unlike our recent weather! With that said, homes are still being listed, and there remains an active pool of buyers–albeit supply is currently outstripping demand.
In the newsletter this month, we’ll look at the headline news and stats from the UK property market nationally, while also sharing expert insights and a spotlight article on how the market in Surrey Heath is performing.
Market Watch
Asking prices rose 1.2% in May to £378,304–a slightly above-average seasonal uplift
Based on achieved sales prices, the average UK house price is now £271,900, up 1.5% year-on-year (prices rising fastest in northern regions while London/South are broadly flat or slightly falling
Supply remains elevated, with buyer choice at its highest May level since 2015; almost a third of existing listings have already seen a price reduction
Homes needing a price reduction are taking an average of 127 days to sell
Agreed sales are 1% ahead of last year despite overall buyer demand falling 10%, as more discretionary buyers have stepped back
Average fixed mortgage rates remain elevated from pre-Iran-war levels–albeit the just announced Bank of England interest rate cut is good news
The average two-year fix stands at around 5.68% and the five-year fix at 5.63% (and a host of major lenders have cut rates this month)
Sources: Rightmove, Zoopla, Bloomberg, Morningstar, Moneyfacts
Wellingtons Spotlight
Camberley House Prices & Property Market Trends in 2026
Just in case you missed it, read our recent deep dive article, which investigates the housing market in Camberley and Surrey Heath, exploring the latest picture and year-on-year trends.
Property News Snapshot
What’s happening with UK house prices? Latest property forecasts for 2026 (Money Week)
With the Iran war dampening expectations of housing market growth this year, see what the latest expert forecasts are predicting for the rest of the year.
How to improve your garden and add value to your property (This is Money)
From outdoor space to entertain and smart storage to garden offices, discover the cheapest ways to improve your garden and add up to 20% in value to your property.
First-time buyers fall 6% but “drive growth” (The Negotiator)
This article uses Zoopla data to report on the sharp fall in the number of first-time buyers this year and how, despite this drop off, this group are still driving housing market growth.