H1 2025 UK Premium Property Market Update

As the housing market fell quiet after the March stamp duty cliff edge, global financial markets were in disarray as Donald Trump announced a range of trade tariffs on 2nd April.

Uncertainty levels then rose again due to the conflict in the Middle East, which saw the oil price spike and concerns grew around higher inflation and interest rates.

The first half of 2025 has been nothing if not eventful to say the least. 

From the dramatic changes in US tariff policy to the Middle East on the edge of war, world events have proved as difficult if not more to predict in 2025 as they have done in recent years.

The UK property market traditionally doesn't like political and economic uncertainty, and 2025 has seen an increasing level of volatility for both. 

Economic and political uncertainty has been a recurring theme over the past five years and arguably the last nine years since the UK voted to leave the EU in June 2016. 

Watch the news, read the newspapers, go on social media, speak to colleagues, friends, and family and the uncertainty is a constant along with the obvious property market chat and the scorching hot weather that us Brits love to talk about. 

The media have us constantly thinking we are on the edge of yet another crisis, but we seem to just keep moving from one uncertain time to another that we have now grown accustomed to in more recent times. 

In the 1990s, Edgar Morin coined the phrase ‘Polycrisis’ and this has then been popularised by Adam Tooze in the 2020s.

Polycrisis refers to a situation where multiple crises occur at the same time, interact with each other, and amplify the overall impact, creating a more complex and difficult challenge than any single crisis would cause on its own. 

There was also the word ‘Permacrisis’ that became popular in 2022 and was even named Collins Dictionary’s Word of the Year that year.

Permacrisis means a continuous, unending stream of crises, causing lasting instability and I think it’s fair to say that since the Global Financial Crisis just over fifteen years ago, the world has certainly observed both a polycrisis and permacrisis. 

Parking the sensationalised headlines and clickbait to one side that the media love to use in grabbing our attention, I’m going to delve into what has actually been happening in the higher end of the UK property market. 

The level of unsold properties at £750,000+ was 14.6% up year-on-year in H1, 2.6% higher than the previous six months, and has increased a whopping 40.6% on the six-year average for H1!

Rightmove recently reported that the number of homes listed for sale at £1 million or more has more than doubled across the country as well in the past six years with their data showing that just over 5% of homes on the market between January and April 2025 were priced at £1 million or higher, whereas in 2019, the proportion of £1 million+ listings stood at just under 3%.

A quick glance today showed me that the figure is now 5.89%, so the figure is continuing to grow. 

Research from Rightmove also found that the number of areas outside the capital where the average asking price exceeds £1 million has more than doubled since 2019 with the figure rising from 30 to 66. 

At first glance, there might be apprehension with the higher number of unsold properties currently available in the premium market where some might think this could lead to an oversupply of stock, reduced sales, and a negative impact on house prices.

The increased supply of properties for sale is definitely having a negative impact on the market with 42% of properties above £750,000 having had a price reduction in the first half of the year and only 40.64% actually going on to sell. 

The negativity has continued with both the number of properties withdrawing from the market and sales falling through both rising year-on-year and versus the six-year H1 average.

This is a cause for concern as it shows how fragile the market is at the moment, but on the other hand it could be seen as a sign of committed sellers staying in the market and realigning their pricing expectations with the less serious homeowners exiting the market.

Sales agreed were up 9.2% year-on-year in H1, 13% higher versus the previous six months, and 15.2% up on the H1 six-year average which was a positive sign for the market, but the number of new listings did significantly outstrip the level of sales agreed in H1 compared to the six-year average and the previous six months. 

Therefore, the strong sales figures are arguably due to a higher number of listings hitting the market and more price reductions happening rather than demand actually growing. 

Whilst there is fragility in the market, we appear to just be in an even more price sensitive market than usual due to the wider choice of properties available to buyers and so sales are being agreed, but only at the right price. 

In summary, the premium end of the market is facing a clear shift: more stock, more price sensitivity, and more caution. 

While on the surface the surge in unsold properties might signal oversupply and declining demand, the data suggests a more nuanced reality. 

Serious sellers are adjusting, buyers are still active, but only when pricing aligns with market expectations as there continues to be a price disconnect between buyers and sellers.

This isn’t a market in decline, but a market demanding realism. 

For sellers willing to be pragmatic, opportunities still exist and for buyers, the increased choice and willingness to negotiate means real value can be found, but only if they act decisively. 

In short, pricing correctly has never mattered more.

In my recent articles I’ve aimed to deliver some actionable value following my premium market update and this month is no different.

For any of you who regularly follow my content, you will know how slightly obsessed I am with Google Chrome extensions, especially those that can be utilised on Rightmove.

If you want the full list of my most recommended Google Chrome extensions, please do contact me directly and I will happily provide these to you.

In the meantime, I was absolutely buzzing (shows what a geek I am) when Area360 recently announced it’s now available in beta for Safari on iOS and macOS as I’ve lost count of the amount of times agents I’ve asked me if any Chrome extensions can be used on a phone or tablet.  

So if you’re a safari user on Apple devices (sorry Android users) you can supercharge your Rightmove experience with their free browser extension that adds incredible data to all UK property listings.

From the full address, time on market, price changes, sold prices, floor area, £ per sq ft, and EPC ratings, it gives some incredible information that you can find on your phone whilst out and about or in a sellers living room at the touch of the button.

If you're curious to see how these tools can level up your property game or just want to geek out with me over the latest extensions feel free to drop me a message. 

I'm always happy to share what’s working and hear what others are using too.

Thank you as always for reading my latest UK premium property market update and be sure to subscribe, so you don’t miss the next release in which I will be reporting on July activity levels.

P.S. Check out my latest update on YouTube to find out all the goings on across the whole UK market. 

P.P.S. If you want to find out more about how to succeed in the prime and super prime market, have a listen to my latest podcast episode on Apple or Spotify with Matthew Addison Smith and it will give you lots of top tips.