The UK Property Market Just Hit the Summer Brakes
The UK property market cooled last week, with 21,785 homes sold stc. That is a drop of over 11% from last week & below the ten-year Week 31 average of 25,400, yet activity remains 10.6% ahead of the same point in 2023.
Another 31.5k UK properties came onto the market, taking the 2026 total to more than 1.13 million. Buyers now have 767,307 homes to choose from, meaning sellers face plenty of competition for attention.
Pricing remains crucial. For every home selling each month, there are seven that don’t. Let’s not forget, only 1 in 2 (50.8%) of properties leaving estate agents’ books sold (ie the home owner moved), the remaining 49.2%, withdrawing unsold. The average home sold stc last week was priced at £360k, with an average agreed figure of £343 per square foot
The market has not disappeared. It has simply become less forgiving. Homes that launch at a sensible price and are marketed properly can still attract buyers. Those that test the market too aggressively risk becoming part of next month’s price-reduction statistics.