Average house prices rose by 1.2% in May, signalling a stronger-than-usual seasonal uplift, according to Rightmove.
The rise represents an increase of £4,333, taking the average price to £378,304 and exceeding the typical ten-year May increase of 1%. Rightmove says that the housing market remains “surprisingly confident” despite the ongoing global uncertainty and cost-of-living pressures.
However, Rightmove says that, despite the broadly resilient overview, buyer affordability is driving a clear year-on-year north–south divide in price growth. While the national average shows an annual price fall of 0.3%, this masks major regional discrepancies. The more affordable North East and North West are continuing to grow, rising 2.7% and 2.6% respectively, while London and the South East are seeing price falls, down 2.4% and 1.6% respectively.
Rightmove says that this uneven price performance is unfolding against a backdrop of an 11-year high in buyer choice. The number of homes for sale is at the highest level for this time of year since 2015 and 32% of listings of existing homes for sale have seen a price reduction, with Rightmove warning that new sellers need to price more competitively, as over-optimistic initial pricing is leading to longer selling times.
Homes priced realistically from the outset tend to sell far more quickly, with properties that required a price reduction spending an average of 127 days on the market, compared with just 36 days for those that did not need a price reduction – a gap of around three months.
Colleen Babcock, property expert at Rightmove, commented: “It’s normal to see asking prices pick up as we move through the spring selling season. What’s notable this month is that activity in the market is staying fairly steady, even with ongoing cost‑of‑living pressures and wider global uncertainty. The number of sales agreed is holding up well, consistent with trends we’ve seen in 2026 so far.”
“However, this overall positive national monthly snapshot masks a north-south divide in year-on-year seller pricing power. Prices are rising in the north, but all sellers should note that buyer choice is now at its highest level for this time of year since 2015. Getting the asking price right from the outset is therefore increasingly important, as homes priced too ambitiously are taking longer to sell. Our research shows that a home that’s been reduced takes on average 91 more days to sell than a home that hasn’t needed to be reduced. That’s where agents have a key role to play, working closely with sellers to set realistic prices from day one to help homes to attract immediate interest and sell more quickly.”
Market activity continues to hold up despite the ongoing cost-of-living pressures and recent higher mortgage rates, with sales agreed down by just 4% compared with this time last year and 2% higher than the same period in 2024. Rightmove says that this relative stability suggests that many movers are continuing with their plans where affordability allows, even in a period of greater global uncertainty.
Sales in the first-time buyer sector are proving nearly as resilient, down 4% compared with the stronger 2025 market and only 1% lower than 2024. This indicates that first-time buyers have not yet been disproportionately impacted by recent mortgage rate rises, despite being more reliant on borrowing than other parts of the market.
