Transactions also fell 33.5% lower than the pre-pandemic 2017-2019 May averages, while on an annual basis, under offer levels fell by 22.3% and were down 2.4% from the pre-pandemic average for the time of year — the report went on to say that the decline in under-offers suggested lower activity in the coming months.
Price reductions remained high according to the report, with a 20.1% increase in May compared to last year.
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LonRes cited the ongoing impact of the end of stamp duty across May and suggested three-month analysis painted a clearer picture — in this light, transactions from March to May of this year were down 6% compared to 2024, and down 2.4% for the same period average between 2017 to 2019.
Three-monthly under offers had also fallen by 10.6% on an annual basis but were 8.9% above the pre-pandemic average, while new instructions were 7% higher from March to May 2025, compared with last year and 21.7% above the pre-pandemic average.
Meanwhile price reductions increased 39.9% from March to May of this year compared with the same time in 2024.
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