The number of homes going under offer reached its highest level in almost a year during May, although significant regional differences continue to shape market performance, according to the latest data from Sprift.
The firm’s Sales Market Intelligence Report shows that 117,660 homes were sold subject to contract (SSTC) during May, up 4.3% on April and the highest monthly total since June 2025. At the same time, new instructions fell by 2.8% to 210,654 properties.
As a result, the national SSTC conversion rate increased to 55.9%, up from 52.1% in April and the strongest reading since February. Sprift said improving buyer confidence, supported by easing inflation and steady wage growth, has helped sustain demand despite ongoing economic uncertainty.
However, the report highlights a widening gap between regional markets. Scotland recorded the strongest SSTC conversion rate at 73.1%, while London remained the weakest-performing region at 38%. The capital also recorded the highest proportion of price reductions, with more than 40% of listed homes seeing an asking price cut.
Elsewhere, Wales (64%), Yorkshire and Humber (63.3%), the North East (63%) and the West Midlands (62.6%) all outperformed the national average.
Across Great Britain, 30.3% of homes on the market had seen a price reduction by the end of May, up from 27.8% the previous month. The average reduction equated to 8.5% of the original asking price.
Sprift said the data suggests the market is becoming more efficient rather than significantly more active, with realistically priced homes continuing to attract buyers while overpriced stock remains on the market for longer.
Matt Gilpin, founder and CEO of Sprift, said: “May’s data confirms what agents on the ground are seeing. Buyers are active and willing to commit where properties are correctly priced. For the first time in several months, the market is absorbing stock faster than it’s being replenished.
“Sales agreed increased by 4.3% in May while new listings eased back, pushing conversion to its highest level since February. That’s an encouraging sign for agents and sellers alike. Buyers remain active, but they’re also selective, making pricing accuracy and local market knowledge more important than ever when converting interest into committed transactions.”
Read the orginal article: https://propertyindustryeye.com/sales-conversion-rate-jumps-as-fewer-homes-come-to-market/
