They say the cream rises to the top and its a similar story in today's market. Currently, we’re seeing a two-tier market, with the best, most popular properties selling quickly at or even above the asking price, whereas other homes are lingering for longer.
The properties taking longer to sell often involve owners who aren’t in a rush to move, notably those downsizing, who are waiting for a buyer to offer the price they’re seeking. This is particularly true in prime markets and for homes costing £1m and upwards.
In June, there were 11% more prospective buyers registering to buy homes in Great Britain compared to June 2024, while there were 3% more homes available. The number of viewings was up 1% year-on-year and the number of offers made by buyers increased 23%. However, the number of offers accepted only rose by 2% compared to June 2024.
Regionally, buyer numbers have increased the most in the South of England, with London seeing the biggest year-on-year increase in buyers, with numbers up 18% in June. While the stock of properties for sale dropped by 13%, however, while the number of offers accepted was 3% lower than in June 2024.
The largest regional increase in offers accepted was in the East Midlands, with numbers up 10% annually in June, although stock was also up 22% year-on-year. The most marked decline in offers accepted was in the North of England – down 26% year-on-year in Yorkshire and the Humber and 25% in the North East.
Nationally, the chance of an offer being accepted has risen to 26%, up from 24% in June 2024 – yet it increasingly appears that much of this interest is concentrated on the most desirable homes. The top 10% most popular properties received almost a third (30%) of all offers in June, up from 25% in the same month last year.
This chimes with some of the data showing that, while high-demand homes are selling more quickly, others are staying on the market for longer. In the second quarter of this year, 45% of homes went under offer within two months, which is above the Q2 2019 average of 37%. Also, the average home that sold above its asking price took 44 days from being instructed to an offer being accepted.
Looking at time to sell, the average home in Great Britain that went under offer in June had been on the market for 56 days, eight days longer than in June 2024. As has been the case for the past few years, it’s homes costing £1m and up that still take the longest to sell. These properties have also seen the biggest year-on-year increase in selling time – up 30 days to an average of 78 days in June 2025.
Also, 31% of homes that sold for £1m+ in the second quarter of this year had been on the market for more than six months, up from 23% in Q2 2024. Nevertheless, this figure sits slightly below the 10-year average running up to the Covid pandemic, which saw 34% of £1m+ homes sold having been on the market for more than six months. So, while the prime market has slowed compared to last year, it remains fairly similar to where it was pre-pandemic.
Finally, the average home that sold below its asking price this year had been on the market for 73 days. As you’d expect, the longer the home has been on the market, the larger the discount on the initial asking price. Only 8% of properties in England and Wales that sell in less than 30 days have been discounted by 5% or more, whereas it’s 18% for homes that have been on sale for six months or more. For those properties that take six months or longer to sell, the average percentage discount on initial asking price is 2.1%.
