Global Events & Local Mortgages: How to Protect Your Moving Plans This Summer

As we transition from Spring to Summer, the Surrey property market remains as price sensitive as ever.  May brought a resilient surge of new homes coming to market, and overall activity remained surprisingly confident despite uncertainty around global events and rising costs for many households.  

There was an unseasonal blip towards the end of May.  The heatwave coinciding with the half-term meant buyer demand dropped by an unusual *8% over the period.  This started to rise again from the start of June, as temperatures eased.  According to Rightmove, on 6th June, buyer demand surpassed pre-heatwave levels with normal, seasonal trends resuming.

There are plenty of homes available for buyers to view; we have the highest level of available homes since 2015.  However, buyers are being hit with the impact of worldwide events, which are influencing confidence and affordability – once again! This means that today’s buyers are more cautious and more selective than before; after all, they have the widest choice of homes available in over a decade.  Pricing competitively from the outset is now essential.  Buyers are taking their time to compare options and negotiate, making it more important than ever to have an agent who provides an honest assessment of your property’s value from the outset.  

Nationally, the figures for house price growth are being skewed slightly due to an emerging north/south divide in the UK.   According to Rightmove, “The national average shows an annual price fall of 0.3%, but there is a lot more going on at the regional level. House prices in the more affordable North East (+2.7%) and North West (+2.6%) are continuing to grow, while London (-2.4%) and the South East (-1.6%) are seeing price falls.”  

Considering these events, sellers looking to secure a buyer (rest assured, there are plenty of them) need to be realistic in their house price expectations.  With the right advice from a trusted advisor, a house priced correctly in today’s market is, on average, going under offer in 36 days, compared with 127 days for those that needed a price reduction.  

We are seeing increased stability in the mortgage market, which is reassuring given the volatility experienced in April.   Whilst further interest rate cuts had been expected in 2026, the economic impact of the war in Iran means this is unlikely in the immediate future. Reassuringly, despite broader economic pressures, some building societies and major lenders are actively trimming rates to compete for business in a fluctuating market.

If moving is something you are considering this year, being realistic and competitive from day one is the key to protecting your plans.   If you’re looking for a partner to help you navigate this climate with clarity and care, contact your local branch.  

Source: Rightmove House Price May Index
*June Rightmove Data Source: Mortgage Strategy