A softer market, but not a stalled one
The first three weeks of June brought a noticeable shift in the UK property market. Across the country, 75,000 homes were sold subject to contract, down by 7,800 sales compared to the same period last year. That's a 10.39% drop, and it happened everywhere at once. Not a single region escaped the slowdown.
But before you assume the market has ground to a halt, it's worth understanding what's actually happening. This isn't a crash. It's a correction from an unusually busy June 2025. The broader picture tells a different story.
Context matters more than headlines
Yes, sales are down on last year. Yet they're still tracking ahead of 2024 and substantially ahead of 2023. Year to date, 596,000 UK homes have changed hands, which is 11.4% higher than the same point three years ago. The market hasn't forgotten how to work. It's just working differently.
The difference is subtle but crucial for anyone buying or selling. Buyers now have more choice and less pressure to act quickly. Sellers, conversely, can't rely on urgency to shift overpriced stock. With mortgage rates hovering around 6.6% on two-year fixes and the Bank of England base rate at 3.75%, buyers are shopping carefully rather than rushing.
London takes the biggest hit
The regional breakdown reveals where the slowdown has bitten hardest. Outer London recorded the sharpest decline at 13.13%, followed closely by Inner London at 12.74%. The North West fell 11.49%. These three areas saw the most dramatic year-on-year drops.
The softer patches weren't universal, though. Scotland and Yorkshire and Humber proved the most resilient, declining by just 5.89% and 5.44% respectively. The South East, South West and East of England all saw single-digit percentage falls.
For sellers in London particularly, this means the easy sales have gone. Properties that might have attracted multiple offers last June now need pricing discipline and genuine appeal. It's a buyer's market when there's choice on the shelf.
What this means for you
If you're selling: Overpricing is now a liability. Test the market honestly. Work with your agent to understand local comparable sales, not what you'd like your home to be worth. Properties at genuine value are still moving. Those pitched optimistically are stalling.
If you're buying: Your leverage has improved. You can afford to be selective. Don't rush into the first property you view. Get your finances sorted first and understand exactly what you can afford. With the average UK house price at £270,080 and annual growth at just 3.8%, prices aren't racing away from you.
If you're remortgaging: Five-year fixed rates are averaging 4.92%, which is worth considering against shorter-term deals. Lock in certainty if rates matter more to you than flexibility.
Listings are holding up
One positive signal: there's no shortage of homes to choose from. Nearly 36,000 new listings came to market in week 24, and year to date, the market has seen 895,000 new properties listed. That's slightly ahead of 2025 and significantly ahead of pre-pandemic averages.
This steady supply of new stock is important. It means the slowdown in sales isn't driven by panic or a collapse in confidence. Sellers are still putting homes up for sale. Buyers are still viewing and offering. The market hasn't seized up. It's just operating at a steadier pace, with higher standards and less room for error on pricing.
The takeaway
Markets ebb and flow. June 2026 is softer than June 2025, but that doesn't make it a disaster. It makes it a market that rewards preparation, realism and patience. If you're considering a move, the fundamentals matter more than ever. Price right, position well, and understand your own financial position clearly.
For once, it's not about riding momentum. It's about making the right decision for your circumstances, in a market where genuine value actually gets noticed.