May Market Update: What’s Happening in York’s Property Scene?

Hello from Indigo Greens! As we step into late spring, it's time to take a fresh look at how the property market is shaping up here in York. Whether you’re thinking about selling, buying, or just keeping an eye on things, here’s what you need to know in this month’s market snapshot.

This May, asking prices across the UK have nudged up by 0.6% (that’s £2,335), reaching a new record average of £379,517. While this sounds impressive, it’s actually the smallest seasonal increase for May since 2016. Why? There’s simply more choice for buyers, with the number of homes on the market hitting a decade-high, which naturally takes the pressure off price growth.

The early months of 2025 saw a flurry of activity, especially in March. However, April brought a bit of a breather, partly due to the recent stamp duty changes which temporarily cooled new buyer demand. In fact, April’s buyer interest was 4% down compared to the same month in 2024. But don’t worry – the market isn’t losing steam completely. Overall, demand for the year is still 3% higher than last year, and we’re already seeing signs of renewed interest this May.

What This Means for Sellers in York

There’s good news if you’re looking to sell: despite April’s quieter spell, the number of sales being agreed is 5% up on this time last year. This tells us that buyers are still out there and ready to act – especially when a home is priced sensibly and presented well. With 14% more homes coming onto the market, sellers do need to stay realistic about pricing. It’s a great time to be on the market, but setting the right price is key to standing out.

Another reason to be optimistic: mortgage rates are heading in the right direction. Rightmove’s latest figures show the best two-year fixed rate is now down to 3.72%, compared to 4.75% this time last year. This could make moving more affordable for many and give the market a further boost later in the year – especially if the Bank of England makes another rate cut. We can hope!

If you're considering selling your home in York, now is still a strong time to take advantage of the active market – just be mindful of pricing as buyers have more choice than usual. And if you're buying, there are some great opportunities out there with mortgage deals becoming more favourable.

At Indigo Greens, we’re here to guide you through every step with honest advice, local know-how, and a refreshingly friendly approach. Drop us a message or pop in for a cuppa – we’d love to chat.