Recent data from Hamptons reveals a decrease in property price reductions, hitting an 18-month low as the market begins to recover. As of April, homes were typically on the market for 50 days before going under offer, which is slightly longer than last year but indicative of a resilient sales environment.

The time it takes to sell a property has shown varied trends across the country. In the Midlands and the North, the average days on the market have slightly increased compared to the previous year. Conversely, the South of England, which includes key regions like London, the East of England, South East, and South West, experienced a decrease in selling time. This reduction has notably narrowed the time-to-sell gap between the northern and southern regions to just eight days, down from 16 days last year.

Regional Performances

• South West: Leading the pack, the South West has seen the most significant drop in the number of days it takes to sell a property, with homes going under offer six days quicker than last year.
• South East and London: Following closely, these regions saw reductions of five and four days, respectively.

Interestingly, four out of the five regions where homes received offers more quickly than last year were in the South of England. This suggests a growing buyer interest and market momentum in these areas.

Early Bird Offers

The market is also witnessing a surge in the speed at which offers are received. Approximately one in twenty homes across Great Britain received an offer within the first week of listing in April. The North East, in particular, saw a dramatic increase, with 13% of homes receiving an offer within this timeframe, up from 7% last year.

Pricing Power

Across England and Wales, 27% of homes sold above their final asking price in April, maintaining the same level as the previous year. However, there were mixed results regionally:

• London and the South: Experienced a 2% increase in homes selling above the asking price.
• Midlands and the North: Witnessed a 2% decline in homes selling above the asking price.

Seller Success Rates by Region

• South: Achieved 98.9% of the asking price on average, marking a 0.5% increase from last year.
• Midlands: Only saw a slight increase of 0.2% in the ratio of asking to achieved prices.
• North: Sellers received 0.2% less than their asking prices compared to last year.

For the first time since 2016, sellers in London are achieving the same proportion of their asking price as those across England & Wales, ending an eight-year trend of deeper discounts in the capital.

Price Reduction Trends

April saw only 44% of homes in England and Wales sold following a price reduction—the lowest percentage since October 2022. This is a significant improvement from the peak of 56% in October 2023, when high mortgage rates severely impacted the market. The South West and Wales were the exceptions, where price reductions did not decline, and Wales notably had over half of its homes sold after a price drop.

Aneisha Beveridge, head of research at Hamptons, notes that areas in the South hardest hit by last year’s high mortgage rates are now witnessing a robust recovery in sales, surpassing both 2023 and 2019 levels. Despite some retreat in rate-cut expectations and a slight increase in mortgage rates for new loans, the volume of homes going under offer remains significantly higher than last year.