The average price of a property coming on the market rose by 1.2% to £378,304 in May 2026, up by £4,333, the latest Rightmove house price index revealed.
Rightmove says overall housing market activity remains surprisingly positive despite uncertainty around global events and rising multi-family housing costs.
However, the data shows that there are differences in price growth between the north and south of the UK.
House prices in the more affordable North East (+2.7%) and North West (+2.6%) continued to grow, while London (-2.4%) and the South East (-1.6%) saw prices fall.
Real estate prices are at their highest level this time of year since 2015, and nearly a third of existing real estate listings are seeing price reductions.
Homes that did not require a price reduction sold in just 36 days, compared to 127 days for those that did.
Despite continued pressure on the cost of living and higher mortgage rates in recent months, the index shows that agreed sales fell by only 4% compared to this time last year, and were 2% higher than the same period in 2024.
Sales to first-time buyers are also down 4% compared to the 2025 market and only 1% lower than 2024.
The data found that average first-time home buyers saw the smallest average monthly price increase (+0.3%) and remained 0.7% lower than this time last year.
Mortgage affordability has improved slightly this month, with Rightmove’s daily mortgage tracker showing that the two-year fixed rate has fallen to 5.18%, from 5.42% this time last month.
Rightmove property expert Colleen Babcock says: “It’s normal to see property prices rise as we move into the spring selling season.
“Agreeable sales numbers continue to trend well, consistent with the trends we’ve seen through 2026 so far. However, this excellent monthly national summary includes a north-south divide in dealer pricing power year-over-year.”
“Prices are rising in the north, but all sellers should be aware that buyer choice is now at its highest this time of year since 2015. So, getting asking price early is very important, as higher priced homes take longer to sell.”
“This is where agents have a huge role to play, working closely with sellers to set realistic prices from day one to help homes attract quick returns and sell quickly.”
Meanwhile, Shawbrook’s mortgage sales and distribution director Louise Apollonio says: “While monthly house prices rose by 1.2%, the start of the year continues to slow as house prices respond to lower consumer demand.”
“Approximately 32% of homes currently on the market have had at least one price reduction whether that’s due to the post-Easter seasonal lull, or broader economic caution. Rising costs and global uncertainty could deter buyers, who are likely to hold off until there is more clarity.”
“While demand is low, now is a great opportunity for buyers to look for better deals, especially as affordability remains an issue. In the coming months, while the local market adopts a ‘wait and see’ mentality, buyers will benefit from using this time to talk to the seller and explore the best options going forward.”
Finova’s director of business development Hamza Behzad adds: “Spring is a time of great activity in the housing market, and 2026 was no different. In the face of tight affordability, persistent inflation, and the country’s angst, buyers are still hopeful.”
“With new data from Savills reporting that nearly 700 properties were sold a day in the year to March – courtesy of the Tenants’ Rights Act – we could be seeing a fresh injection of housing stock. This could drive down prices, creating new opportunities for buyers who may have struggled to get on the housing ladder.”
