Despite ongoing conflict in the Middle East and higher mortgage rates, the latest Zoopla House Price Index shows the housing market remains resilient, with the average time to sell a home increasing by just one day year on year.
This points to a market where motivated movers are continuing to transact, with homes selling at a similar pace to last year across much of the UK. However, this resilience is not evenly spread, with sellers in London facing longer sales periods as affordability pressures weigh more heavily on buyers.
Experts from across the industry have shared their views:
Commenting on the report, Richard Donnell, Executive Director at Zoopla, said:
“Homes are taking just one day longer to sell than this time last year. That is a strong result given increased uncertainty and mortgage rates rising sharply in March. Buyer enquiries have rebounded after Easter, and with mortgage rates starting to fall, we expect the market to remain active through the rest of the year. Households who need to move are getting on with it, though market conditions vary widely between North and South.
For sellers, the message is clear – well-priced homes are still finding buyers in the same time as last year across much of the country. For buyers, mortgage rates are drifting lower, and there is a greater choice of homes for sale. The best-value homes are moving quickly, particularly in northern cities and Scotland, whereas the room for negotiation is greater across southern regions.”
James Nightingall of property search service HomeFinder AI says:
“London has one of the country’s most active but also volatile property markets. Geopolitical developments and economic factors such as mortgage rates have a major impact on buyer confidence and affordability.
Particularly, first-time buyers, who often depend on favourable lending conditions, are facing more challenging market conditions compared to last year. With inflation on the rise and lenders having removed some mortgage deals, the majority of first-time buyers will remain cautious, which means some properties will sit on the market for longer.”
Nigel Bishop of Recoco Property Search says:
“The rural property markets have seen drastic price adjustments over the past year. Sellers have come to terms with the fact that they can no longer achieve the inflated asking prices seen during the pandemic. Adding to property prices, seeing a dip is a growing imbalance between supply and demand.
Higher taxes triggered many second-home owners to put their property up for sale. In some parts of the country, this has created an oversupply, inevitably creating a buyers’ market that allows more room for price negotiations.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Housing market activity is proving more resilient than we dared hope as war in the Middle East continues for longer than originally anticipated.
“However, the amount of available property in our offices – particularly flats – is keeping prices under control and resulting in more protracted transactions as buyers flex their muscles.
“Worries about the direction of travel for interest rates and the cost of living mean more price-sensitive purchasers are taking their time before submitting offers in expectation that the after-effects will linger for considerably longer even if hostilities end soon.”
Nathan Emerson, CEO of Propertymark, comments:
“On the ground, our agent members are reporting a market that’s holding together better than many expected, but with very different conditions depending on location and buyer type. Well-priced homes are still moving quickly, but in first-time buyer hotspots, especially across outer London, agents are seeing hesitation creep in as affordability pressures bite.
What’s notable is the rebound in enquiries post-Easter, which suggests underlying demand hasn’t disappeared, it’s just more price-sensitive and cautious. For property professionals, this means sharper pricing strategies, clearer communication with sellers, and more support for buyers navigating higher upfront costs.
This isn’t a stalled market, it’s a more selective one, and agents are working harder on behalf of buyers and sellers to keep transactions progressing.”
