UK homes are selling at virtually the same pace as a year ago, taking an average of 33 days to find a buyer despite ongoing geopolitical tensions in the Middle East, according to data from Zoopla.
The property portal’s latest figures show house prices have risen 1.3% year-on-year, even as higher mortgage rates and weaker consumer confidence continue to weigh on market sentiment.
Richard Donnell, Executive Director at Zoopla, noted that homes are taking just one day longer to sell than last year, indicating that buyers with genuine moving needs are proceeding with transactions.
Buyer demand has rebounded after Easter to its highest level since the conflict began, supported by lenders beginning to reduce mortgage rates. Agreed sales are running just 3% below last year, while buyer enquiries are down 2% year-on-year, with activity recovering since Easter.
The market has also seen a 5% increase in homes listed for sale compared to a year ago, providing buyers with more choice and helping to sustain transaction levels.
Regional variations emerge
London is experiencing the most significant slowdown, with homes taking six days longer to sell. Areas more reliant on first-time buyers are particularly affected due to higher borrowing costs and Stamp Duty pressures.
Tom Bill, Head of UK Residential Research at Knight Frank, said the full impact of the Middle East conflict on the UK housing market has not yet materialised. He pointed to the disappearance of sub-4% mortgages, looming inflationary pressures from higher energy costs, and potential government responses including rent control considerations as factors that will maintain downward pressure on prices throughout the year.
Nathan Emerson, CEO of Propertymark, reported that agent members are observing a market holding together better than expected, though with varying conditions depending on location and buyer type. Well-priced homes continue to move quickly, but first-time buyer areas, particularly in outer London, are seeing increased hesitation as affordability pressures mount.
Market outlook
Zoopla is forecasting modest growth of around 1% to 1.5% in 2026, provided mortgage rates stabilise. However, any renewed upward pressure on rates or household finances could impact demand later in the year.
Iain McKenzie, CEO of The Guild of Property Professionals, described the market as behaving rationally rather than reactively, with needs-based buyers and sellers continuing to transact while discretionary movers take a more measured approach.
Jeremy Leaf, a north London estate agent and former RICS residential chairman, noted that available property, particularly flats, is keeping prices under control and resulting in more protracted transactions as buyers negotiate more assertively. Concerns about interest rates and cost of living are causing price-sensitive purchasers to delay submitting offers, expecting the effects to persist even if hostilities end soon.
The data suggests the UK housing market remains resilient despite external pressures, with transaction times and volumes holding relatively steady compared to the previous year. The direction of mortgage rates and broader economic conditions will be key determinants of market performance in the coming months.
