The average price of a property coming to market has risen by 1.2% to £378,304 in May 2026, an increase of £4,333, the latest Rightmove house price index reveals.
Rightmove says housing market activity overall remains surprisingly confident despite uncertainty around global events and rising costs for many households.
However, data shows there is a difference in price growth between the north and south of the UK.
House prices in the more affordable North East (+2.7%) and North West (+2.6%) are continuing to grow, while London (-2.4%) and the South East (-1.6%) are seeing price falls.
The number of homes for sale is at its highest level for this time of year since 2015, and almost a third of listings of existing homes for sale are seeing prices reduced.
Homes that didn’t need a price reduction sold in just 36 days, compared with 127 days for those that needed a reduction.
Despite ongoing pressures on the cost of living and higher mortgage rates in recent months, the index reveals that sales agreed were down by just 4% compared with this time last year, and were 2% higher than the same period in 2024.
First-time buyer sales were also down 4% compared with the 2025 market and only 1% lower than in 2024.
Data found that the typical first-time buyer homes saw the smallest average monthly price increase (+0.3%) and remained 0.7% lower than at this time last year.
Mortgage affordability has improved slightly this month, with Rightmove’s daily mortgage tracker showing that the average two-year fixed rate has fallen to 5.18%, from 5.42% at this time last month.
Rightmove property expert Colleen Babcock says: “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.”
“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.”
Meanwhile, Shawbrook sales and distribution director for retail mortgages Louise Apollonio says: “While month-on-month prices are up by 1.2%, the steady start to the year is fading as house prices react to waning buyer demand.”
“Around 32% of homes currently on the market have undergone at least one price reduction whether that’s due to a seasonal post-Easter lull, or broader economic caution. Rising costs and global uncertainty could also be deterring buyers, who may be holding out until there’s more clarity.”
“While demand is low, now is a good opportunity for buyers to seek better deals, particularly as affordability remains an issue. In the coming months, while the property market adopts a ‘wait-and-see’ mindset, buyers would benefit from using this time to speak with a broker and assess the best options going forward.”
Finova business development director Hamza Behzad adds: “Spring is traditionally a time of a great activity for the housing market, and 2026 has been no different. In the face of tightening affordability, sticky inflation, and geopolitical angst, buyers are still upbeat.”
“With new data from Savills reporting that almost 700 buy-to-let properties were put on sale per day up to March – courtesy of the Renters’ Rights Act – we may see a fresh injection of housing stock. This could drive down prices, creating new footholds for buyers who would otherwise struggle to step onto the housing ladder.”
