The number of homes going under offer across the UK reached its highest point in almost a year during May, even as fewer properties were listed for sale. Data from property firm Sprift indicates that 117,660 homes were sold subject to contract (SSTC) last month, marking a 4.3% increase from April and the highest monthly total recorded since June 2025.
This surge in sales agreed contrasts with a 2.8% decline in new instructions, with 210,654 properties entering the market. The resulting dynamic has pushed the national SSTC conversion rate to 55.9%, a notable rise from 52.1% in April and the strongest performance since February. Sprift attributes this improved conversion rate to sustained buyer confidence, buoyed by easing inflation and consistent wage growth, despite ongoing broader economic uncertainties.
However, the report highlights a growing disparity in performance across different regions of the UK. Scotland demonstrated the strongest market, recording an impressive 73.1% SSTC conversion rate. In stark contrast, London remained the weakest-performing region, with a conversion rate of just 38%. The capital also saw the highest proportion of price reductions, with over 40% of listed homes experiencing a cut to their asking price.
Beyond Scotland, several other regions significantly outperformed the national average. Wales achieved a 64% conversion rate, followed closely by Yorkshire and Humber at 63.3%, the North East at 63%, and the West Midlands at 62.6%. Across Great Britain, 30.3% of homes on the market had undergone a price reduction by the end of May, an increase from 27.8% the previous month. The average reduction amounted to 8.5% of the original asking price.
Matt Gilpin, founder and CEO of Sprift, commented on the findings, stating that the data aligns with observations from agents on the ground. He emphasised that buyers are actively engaging and willing to commit to properties that are priced realistically. This suggests a market that is becoming more efficient in absorbing available stock, rather than experiencing a significant increase in overall activity. Gilpin noted that for the first time in several months, the market is absorbing properties faster than new ones are being added, which is an encouraging sign for both agents and sellers.
The current market conditions underscore the importance of accurate pricing and local market knowledge for sellers and agents. While buyer activity remains robust, buyers are also increasingly selective, making well-judged valuations crucial for converting interest into completed transactions. This trend suggests that properties perceived as overpriced are likely to remain on the market for longer periods.