May Market Update: Spring Property Market Remains Resilient Across Shropshire, Worcestershire & Herefordshire

The latest market data from Rightmove shows the UK property market has continued to hold steady this spring, despite higher mortgage rates and ongoing economic uncertainty. Nationally, average asking prices rose by 1.2% in May, taking the average property price to £378,304. While that’s a healthy seasonal increase, the wider picture is a market that feels balanced rather than overheated.

Across Shropshire, Worcestershire and Herefordshire, we’re seeing very similar trends locally.

One of the biggest changes in the market is the amount of choice available to buyers. The number of homes for sale nationally is now at its highest level for this time of year since 2015, giving buyers more room to compare properties and negotiate. That means pricing strategy has become more important than ever.

Rightmove’s research found that homes needing a price reduction took an average of 127 days to sell, compared to just 36 days for homes priced correctly from the outset.

Mortgage rates are still a key factor for buyers, although there has been some recent improvement. The average two-year fixed mortgage rate has fallen slightly to 5.18%, down from 5.42% last month.

Encouragingly, buyer demand is still holding up well. Sales agreed are only 4% below last year’s market, despite the higher borrowing costs, and are actually 2% ahead of 2024 levels.

The West Midlands region also recorded monthly price growth of 1.7% in May, highlighting continued resilience across our wider area.

Andrew Ainge, Sales Director at Nock Deighton, comments:

“The market across Shropshire, Worcestershire and Herefordshire remains active and positive, but buyers are definitely more price-conscious than they were a couple of years ago.

We’re continuing to see strong interest in well-presented homes that are priced realistically, particularly in popular town and village locations. Buyers still want to move, they just have more choice available to them now.

Overall, confidence locally remains good, and we expect activity to continue steadily through the summer months.”

While the market may not be moving at the pace we saw during the post-pandemic boom, it continues to show resilience, especially for sellers who take the right approach from the beginning.

If you’re considering a move in Shropshire, Worcestershire or Herefordshire, our team at Nock Deighton would be delighted to help.