| Average asking prices hit record highs, but growth is slowing, as analysts suggest we’re in a buyers market | Moving costs have risen sharply across the UK due to changes in tax and associated fees | First-time buyers see improved affordability supported by flexible mortgage products |
As summer gets underway, the housing and mortgage sectors are showing a blend of notable milestones and changing dynamics, bringing a mix of opportunities and obstacles for buyers and movers.
In May, the average asking price for a property on the market reached a new peak of just under £380,0001. While prices are at an all-time high, the annual growth rate appears to be slowing, with many experts indicating that conditions now favour buyers more than sellers.
Moving home has become significantly more expensive across the UK, with the average cost rising by 13% over the past year2. In England, this is partly driven by adjustments to Stamp Duty Land Tax (SDLT) from 1 April. Factoring in upfront expenses such as the deposit, Stamp Duty, legal fees, mortgage charges and removals, estimates3 place the average cost of moving in England at nearly £52,000. Comparatively, the average is £34,429 in Wales (where Land Transaction Tax applies), £32,172 in Scotland (under the Land and Buildings Transaction Tax), and £31,353 in Northern Ireland. Across the board, moving or upgrading has become a more expensive undertaking for many families.
Despite rising prices and higher upfront costs, there is some encouraging news: affordability for first-time buyers is now at its strongest point in ten years4. This is thanks to a mix of wage growth, stabilising home values and more accessible mortgage products.
Lenders are increasingly accommodating buyers with smaller savings. The availability of low-deposit mortgages has reached its highest level in 17 years5, reflecting a more flexible lending environment. Additionally, 100% mortgages requiring no deposit have made a cautious comeback.
Although record-high asking prices and steeper moving costs present clear challenges, improved first-time buyer affordability and more inclusive mortgage options are creating new possibilities. As the summer progresses, the market appears to be adjusting, potentially setting the stage for a more balanced and accessible housing landscape.
1Rightmove, 2025, 2,3 &4Yopa, 2025, 5Moneyfacts, 2025
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for guidance only. Some rules may vary in different parts of the UK.