Market News

UK houses priced too high take an average of 2.4 times longer to sell compared to those priced more competitively, according to the latest data from property site Zoopla.

This trend is particularly apparent in southern regions, where house prices have seen lower growth, and market conditions remain tougher.

In northern areas, such as the North West and North East, homes are selling more quickly — it took an average of 27 days in July, compared to the national average of 35 days. This speed is attributed to lower house prices, better affordability, and fewer homes on the market than a year ago, which help drive faster sales.

On the other hand, southern regions are seeing a slower pace of sales, with the average time to sell rising to 39 days. The supply of homes in these areas is higher, but affordability constraints are creating a more competitive market, stretching out the time it takes to agree on a sale. In these areas, price cuts have become more common, with one in 10 homes reducing their asking price in July, well above the five-year average of 6%.

In Truro, Exeter, and Bournemouth, more than a quarter of homes for sale have been on the market for over six months, more than a third higher than the average.

Increased choice, a result of a larger number of second homes for sale in response to higher council tax, is also impacting prices, which are 1.1% and 1.4% lower than a year ago in these markets.

Other areas with an above-average stock of unsold homes include York, Torquay, and Llandrindod Wells in Wales, markets where sellers need to be most realistic on price if they want to sell this year. In contrast, there are markets with a lack of supply, including Dundee, Wolverhampton, outer suburbs of London, and Northampton.

Zoopla’s executive director, Richard Donnell, said: “There is plenty of demand for homes and more people are looking to move. However, buyers also have much greater choice to choose from, especially across areas of southern England. There is a clear link between buyer choice and price inflation and how long it is taking homes to sell.”

He added: "Sellers need to understand local market conditions when considering how to market their home, setting the right price and how quickly they would like to sell.”

Speculation surrounding potential changes to property taxes, including the possibility of removing stamp duty and replacing it with an annual property tax for homes over £500,000, has added further uncertainty to the market. A third of homes for sale are valued at more than £500,000, with the highest concentrations in London and the South East. The rumoured tax reforms could hit these higher-value properties, which is leaving potential buyers nervous.

“The risk of being too ambitious on price is your home taking more than twice as long to find a buyer – or not selling at all,” Donnell said.

Despite this, the housing market remains stable, with buyer demand increasing by 5% compared to last year. Price growth is expected to continue at 1.5% to 2% over the remainder of 2025.

Nathan Emerson, CEO of Propertymark, said: “Stable house prices within the housing market are a welcome sign for groups such as first-time buyers, who can better take advantage of a period of steadiness." He adds that despite rising property taxes in certain regions and ongoing economic challenges, there remains a significant amount of property choice for buyers.

“However, it remains important that sellers continue to have realistic price expectations and place their property on the market accordingly to help empower an efficient sales process,” he added.