The UK's property landscape is undergoing a significant transformation as buyers reap the benefits of an unprecedented surge in available homes. The latest data from TwentyCi shows a staggering 794,000 properties have been listed for sale over the past five months – the highest volume on record and a 2.7% increase year-on-year.
While this supply boom provides much-needed choice for buyers, it's also creating challenges for estate agents as they struggle to convert listings into completed sales. A 4.1% year-on-year decline in agreed sales and an 8.1% drop in May compared to the same period last year are clear indicators of a market slowdown.
The data reveals that buyer demand, although still strong, is beginning to cool following a bumper start to 2025. This shift has resulted in increased competition among sellers, leading to a 1.2% fall in average new instruction prices to £441,400 – a clear sign of the market's growing competitive nature.
However, achieved transaction prices have remained relatively stable, suggesting that sellers are intensifying their efforts to attract buyers rather than slashing prices. This increased competition could lead to more delicate negotiations between buyers and sellers in the coming months.
The good news is that transactions falling through have slightly decreased from 24.4% to 23.4%, with a corresponding drop in total fall-throughs of 11.1%. Nevertheless, the extended time taken for transactions to complete – now averaging 132 days, up seven days from last year – remains a concern for both buyers and sellers, particularly those with complex chains.
TwentyCi's CEO Colin Bradshaw notes that buyer choice has never been greater, while acknowledging that demand has softened following the 'stamp duty-fuelled' market of early 2025. He believes this shift could lead to a more balanced and sustainable housing environment in the long term.