Home values increased across all English regions in April, except for Greater London and the South East, according to the latest Asking Prices Index from Home.co.uk.
The index identified a growing volume of surplus stock in both London and the South East, leading to strong downward pressure on asking prices.
Elsewhere, prices rose in Scotland and Wales, contributing to a national month-on-month rise of 0.4%.
Annual home price growth in England and Wales remains sluggish, reaching just 1.4%—well below the current rate of inflation.
The number of unsold homes surged for the second month in a row, with agents adding 30,621 properties to their inventories in April. This figure significantly exceeds seasonal expectations. The total number of unsold properties now stands at 533,797, the highest level recorded since October 2013.
Supply remained moderate in most areas, though there were modest increases in listings in the North East and South West. The rapid rise in stock levels suggests a decline in buyer demand following the recent increase in stamp duty.
Scotland and Yorkshire recorded the most significant monthly price increases at 1.6% and 1.0% respectively. On a year-on-year basis, Scotland leads the regional market with a 4.5% increase, closely followed by Yorkshire at 4.3%. In contrast, the South East experienced the weakest performance with a 0.4% annual decline.
Sales activity across the market has risen compared to May 2024. The rate of property turnover is now higher than in any of the previous ten Mays. However, this elevated activity has not been sufficient to stem the accumulation of unsold homes. The typical time on market has increased by five days compared to the same period last year and continues to rise.
Asking rents nationally fell further in annual terms, now standing at -1.8%. This is largely due to a 7% year-on-year rise in rental supply. London’s falling rents are the primary driver of this decline, though the West Midlands, South East and Yorkshire have also contributed negatively. By contrast, the East Midlands recorded a 9.0% rise in asking rents over the past year.
Within London, only nine of the 33 boroughs reported any rent growth. Of those, three recorded increases below 1%. Notably, Camden and Islington saw steep drops in rents, falling by 8.9% and 9.9% respectively.
