However, while it calculates that there has been an overall average 0.4 per cent increase in asking prices this month, indicating that vendors’ confidence has been dented, sellers in the North East, Yorkshire and Scotland remain much more bullish than in the southern regions and sales figures in Yorkshire, where the market has picked up, back this up. Asking prices in Yorkshire are up 0.
However, the current mean time on market at 165 days is eight days higher than in May 2023, indicating that harder to shift properties are hanging around longer on the market. It adds that should the mortgage market not improve, vendors in the South will be the first to come under pressure to moderate their asking prices. As for rents, they show positive growth in all regions except Greater London, the UK’s largest rental market, where they continue to indicate weakness.