What is currently happening in the UK property market? - London Wallet

Welcome to the 40th UK property market stats show of 2025, your weekly TV programme on the UK housing market.

This week, I’m joined by Iain White, ex-Romans boss and estate Agency coach and thought leader, as we unpack the key headlines from the week ending Sunday 12th October 2025.

🔍 Key Market Headlines – Week 40, 2025

✅ New Listings

32.7k new properties came to market this week, down as expected from 34.3k last week.
2025 weekly average: 36.1k.
Nine year week 40 average :33.4k
Year-to-date (YTD): 1.44m new listings, 2.2% higher than 2024 YTD (1.41m) and 10% above the 2017–19 average (1.31m).

✅ Price Reductions

24.6k reductions this week, slightly higher to last week at 25.6k.
Increase in the number of homes on the market being reduced in September to 14.1%. In August, it was 11.1% (everyone must have been on holiday!), whilst it was 14.1% in July and 14% in June.
2025 average so far: 13.2%, versus the five-year long-term average of 10.74%.

✅ Sales Agreed

24.8k homes sold subject to contract this week, down as expected from 25.6k last week.
Week 40 average (for last 9 years) :24.8k
2025 weekly average : 26.1k.
YTD: 1.044m gross sales, which is 5.1% ahead of 2024 (994k) and 13.2% above the 2017–19 average (922k).

✅ Price Diff between Listings & Sales

Average Asking Price of listings last week £432k vs Average asking price of Sales Agreed (SSTC) – £364k
18.7% difference (long term 9 year average is 16% to 17%).

✅ Sell-Through Rate

14.1% of homes on agents’ books went SSTC in September.
Down from 14.5% in Aug, 15.4% in July, 15.3% in June, and 16.1% in May.
Pre-Covid average: 15.5%.

✅ Fall-Throughs

6,262 fall-throughs last week (pipeline of 510k home Sold STC).
Weekly average for 2025: 6,562.
Fall-through rate: 25.3%, up from 24.6% last week.
Long-term average: 24.2% (post-Truss chaos saw levels exceed 40%).

✅ Net Sales

18.5k net sales this week, up from 19.4k last week.
Nine-year Week 40 average: 18.2k.
Weekly average for 2025: 19.9k.
YTD: 795k, which is 4.3% ahead of 2024 (762k) and 10% above 2017–19 (724k).

✅ Probability of Selling (% that Exchange vs withdrawal)

Preliminary September Stats : 52.7% of homes that left agents’ books exchanged & completed. (Note this will change as more September stats come in in throughout October)
August :55.8% / July: 50.9% / June: 51.3% / May: 51.7% / April: 53.2%.

✅ Stock Levels

751k homes on the market at the start of October, 4% higher than October 2024. (723k)
510k homes in sales pipeline on the 1st October, 2% higher than 12 months ago.

✅ House Prices (£/sq.ft)

October 2025 agreed sales averaged £336.54 per sq.ft.

✅ Rentals

Average Monthly Rents by region

·      East Midlands – £1,070 (Growth since 2016) – 46.2%

·      East Anglia – £1,396 (Growth since 2016) – 30.7%

·      Inner London – £3,113 (Growth since 2016) – 24.9%

·      North East – £968 (Growth since 2016) – 27.7%

·      North West – £1,318 (Growth since 2016) – 64.1%

·      Northern Ireland – £961 (Growth since 2016) – 41.1%

·      Outer London – £1,948 (Growth since 2016) – 22.3%

·      Scotland – £1,157 (Growth since 2016) – 52.2%

·      South East – £1,619 (Growth since 2016) – 26.2%

·      South West – £1,354 (Growth since 2016) – 48.3%

·      Wales – £1,092 (Growth since 2016) – 44.4%

·      West Mids – £1,092 (Growth since 2016) – 35.1%

·      Yorks & Humberside – £1,031 (Growth since 2016) – 36.2%

Average UK rent in September – £1,846 – a growth 2.44% from Sept 2024
297k rental properties were available in Sept ’25 (286k – Sept 24 & 229k in Sept ’23).