Greycoat specialists share insights on the UK´s current housing trends. According to statistics compiled by the Office for National Statistics and the Greater London Authority, the property market around the United Kingdom continued its gradual increase in activity during May as part of a trend that began in early 2024.

Greycoat shares more information. The 19th week of the year yielded 32,778 new listings, thus bringing the number of YTD listings to 666,945, thus setting a new record of historically high listings over eight years.

With an average listing price of £464,745, many estate agents are being asked if price reductions would be a good move considering the prevailing market conditions, and one in seven sellers have been doing just that in May. The London market has been an exception in this regard as most sellers are going with the recommendations of holding steady. And this is where Greycoat specialists come in handy.

They say this conforms to the opinions of market analysts at Greycoat Real Estate about market conditions in London. They say this is projected to improve in terms of demand and transaction volumes over the next two quarters. Gross sales carried out to completion with full property transfers stood at 456,148 in mid-May, thus passing the previous year’s average and even the number of completions before the COVID-19 pandemic.

Approximately 20% of transactions are falling through, which is slightly lower than last year. Finally, the pipelines of estate agents increased by 15% compared to May 2023, another positive sign that the UK property market is on track to enjoy one of its best years since it bounced back from the global financial crisis in 2016 after six years of sluggish sales and overall negative equity. Contact Greycoat agency for more information.