1st June 2025
Nationwide HPI - "flood of supply seems almost biblical" - Garrington Property Finders
Jonathan Hopper, CEO of Garrington Property Finders, commented:
“The post-Stamp Duty lull in demand has collided with a deluge of supply.
“In some areas, the flood of supply seems almost biblical. Estate agents are seeing a wave of new instructions that includes properties re-entering the market that were withdrawn from sale during last year’s uncertainty, as well as the traditional summer surge.
“This is not primarily a market correction prompted by falling demand, but one triggered by an inescapable imbalance: too many sellers, not enough serious buyers.
“On the ground, we are witnessing a clear behavioural shift. Many sellers are not financially distressed, but they are fatigued - tired of waiting for perfect conditions, and now motivated to act.
“However, they are doing so in a landscape where buyers remain cautious amid sticky interest rates and lingering political and economic questions.
“In this environment, token price reductions of £5,000 to £10,000 just won’t cut it. The properties that are selling are those where sellers have responded with decisive, meaningful price adjustments, and their reductions are now showing up in the national data.
“June’s 0.8% fall in average prices is not surprising, and the quarterly fall of 0.5% says it all about the direction of travel. As recently as March, prices were rising by 1.1% on a quarterly basis.
“If this trajectory continues, as we expect it will, the summer months may bring a series of increasingly visible price softening moments, driven not by panic, but by pragmatism.
“Sellers are being forced to adapt to a new normal, and the market data is beginning to reflect this sharp recalibration.”