May has arrived with a mixed but cautiously optimistic outlook for the UK property market. Following the seasonal spring uplift in activity, trends are starting to reflect both renewed confidence and continued adjustment. House prices are rising - though more slowly - and mortgage rates are easing.
Here's what you need to know this month if you're buying or selling.
The average asking price of a home coming to market hit a new high of £379,517 in May, according to Rightmove. However, the pace of growth has eased, with prices up just 0.6% from April, marking the smallest May increase since 2016. A key factor here is supply. The number of properties coming to market is up 12% year-on-year, giving buyers more choice and putting pressure on sellers to be competitive.
Demand for property in Purley, Croydon & Greater London meanwhile, remains solid, with buyer enquiries 3% higher than this time last year. Some analysts, including those cited in The Times , suggest this year could see national house price growth of 3.5%, buoyed by falling mortgage rates and improving economic stability.
If you're planning to sell your home in Purley, Croydon & Greater London, this is still a favourable window - especially with more buyers entering the market - but accurate pricing and strong marketing are more important than ever.
The Bank of England held its base rate at 4.25% this month following a 0.25% cut in April. That move has helped ease mortgage costs, which had been a major obstacle for buyers throughout 2024. As of mid-May:
The average two-year fixed mortgage rate is 4.61%
The average five-year fixed rate is 4.59%
Some of the lowest available fixed deals are now dipping below 4% for buyers with larger deposits
This marks a clear shift from the 6% plus rates seen last year and is improving affordability across the board. Buyers should still get a mortgage agreement in principle before making offers - particularly in areas where properties are selling quickly.
Arranging the right mortgage that is tailored to suit your individual needs is vital, especially in an increasingly competitive mortgage market and changing economic environment. Receiving trusted and honest advice from industry experts can help secure the property you want and avoid a property sale falling through, meeting your time scales to provide a hassle-free personal service. Click here to find out how we can help.
The traditional spring bounce in the sales market is in full swing. More sellers are listing their homes, and buyers are active again. But with supply at its highest point in over a decade, competition between sellers has also ramped up.
The most successful sellers in this market are the ones who price realistically and ensure their property looks its best online. That means professional photography, tidy kerb appeal, and well-maintained interiors. With many buyers looking to move before the summer holidays, now is an ideal time to list - just make sure your home stands out.
Generate a full report on your own property including an instant estimated valuation.
With supply improving, buyers now have more choice and, in many cases, a bit more bargaining power. But desirable homes are still being snapped up quickly, especially those priced in line with current local demand.
Preparation is key: get your mortgage sorted, have a solicitor lined up, and be ready to act fast when the right property comes up. Pay attention to factors like EPC ratings and transport links, as these remain top priorities for many homeowners and investors.
View our available properties here.
The remainder of spring and early summer is expected to be busy. More listings will continue to bring balance to the market, while lower mortgage rates may encourage more first-time buyers and movers who sat out last year.
We’re not in boom territory, but this is a far more stable environment than we saw throughout much of 2023 and 2024. For sellers, it’s a good time to act - but not a time to overprice. For buyers, it’s a market full of opportunity, but preparation remains key.
If you'd like tailored advice about your next move - whether that’s buying or selling - get in touch with the friendly team at Shinerocks. Call 020 8660 2010 or email enquiries@shinerocks.co.uk today.
We have the local market knowledge and property insights for Purley, Croydon & Greater London to guide you every step of the way.
Note: The information in this article is based on data as of April/May 2025 and may change. Always seek professional advice for specific circumstances.
Use the form to send us your questions and we'll respond as quickly as possible.
You can also call us on 020 8660 2010, or email enquiries@shinerocks.co.uk.
Learn more about the areas we cover by reading these helpful location guides.
