A 3% dip in sales agreed. Buyer enquiries running slightly below last year. New listings easing back. Taken in isolation, those numbers invite a cautious reading of the market. Placed in the context of what the UK property market has absorbed in the first half of 2026, they tell a considerably more encouraging story, and one that both buyers and sellers can approach with genuine confidence.
What the market has absorbed
The Iran conflict began on 28 February 2026. Within days, mortgage rates climbed from approximately 4.25% to 5.35%, over 1,500 products were withdrawn from the market, and the Bank of England held rates at 3.75% rather than cutting as anticipated. Consumer confidence dipped. Buyer activity, which had been building strongly through January and February, paused while the situation clarified.
Against that backdrop, Zoopla's April 2026 House Price Index shows the market doing something genuinely impressive: functioning. Homes are taking just one day longer to sell nationally than at the same point last year. House price inflation is holding steady at 1.3%. Buyer demand rebounded after Easter to its highest level since the conflict began. A ceasefire and the gradual return of competitive mortgage pricing have restored momentum, and the market has absorbed a significant external shock without structural disruption.
Why the comparison base matters
The 3% shortfall in sales agreed deserves its context. Last year saw an artificial boost to transaction volumes from buyers racing to complete before the April 2025 stamp duty threshold changes. The comparison base is therefore elevated, and performing just 3% below it is a genuine reflection of underlying market strength rather than evidence of difficulty. Sales agreed in the same period are running 2% ahead of 2024 levels, which is the more representative comparison.
Where the market is performing well
Zoopla's April data shows that homes priced accurately against current comparable sold prices are selling at broadly the same pace as last year. The overall slowdown is concentrated in properties that are overpriced relative to the market, not in well-positioned ones. Five per cent more homes are available for sale than a year ago, giving buyers genuine choice, and that choice is translating into active, engaged searching rather than hesitation.
The markets performing most strongly are those where affordability is most accessible. Northern England and Scotland are recording annual price growth of 2.5% to 3.2%, with properties finding buyers in under 35 days in the best-performing areas. The fundamentals supporting these markets, genuine demand at prices buyers can reach, are exactly what makes their resilience credible rather than fragile.
What this means for buyers
For buyers, the current market offers more choice than at any point in approximately eight years alongside a recovering pipeline of motivated sellers. The combination of elevated stock, easing mortgage rates, and a market that has demonstrated resilience through a period of genuine pressure is a sound basis for making considered, confident decisions. The buyers who are completing transactions right now are those who prepared well and acted decisively.
What this means for sellers
For sellers, the 3% figure is context, not a concern. The market is active, transactions are completing, and sellers with well-presented, accurately priced properties are finding buyers. The conditions that reward good preparation and honest pricing are firmly in place, and the outlook as mortgage rates continue to ease through the second half of 2026 is one of steady improvement.
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