Property Update: The Latest on Mortgages, Market Activity and Prices
Positive Signs for the Property Market in Hull and East Yorkshire. There’s growing confidence in the UK housing market – and it’s being felt right here in Hull and East Yorkshire.
New data from the Bank of England and Zoopla suggests that buyer activity is on the rise, mortgage approvals are increasing, and house prices remain steady. So, what does this mean if you're thinking about buying or selling your home?
A Rise in Mortgage Approvals
The Bank of England’s latest Money and Credit report shows mortgage approvals increased to 63,000 in May – the first monthly rise in five months. It’s a sign that confidence is returning to the market, particularly among first-time buyers.
With interest rates stabilising – and possible cuts expected later this year – it’s encouraging to see more buyers taking steps towards homeownership.
As Nathan Emerson, Chief Executive of Propertymark, explains:
“It’s one of the clearest signs of growing buyer confidence and a strong message from lenders about their outlook on the economy.”
Richard Donnell from Zoopla agrees, forecasting 5% more home sales in 2025, with steady house price growth of around 2%.
Modest but Stable House Price Growth
While property prices aren’t soaring, they’re continuing to rise gradually, with Zoopla reporting a 1.4% increase in May.
Buyers are still cautious about affordability, but the combination of greater mortgage options and a stable market is giving many the green light to begin their search.
More Homes on the Market
For the first time in several years, buyers have more choice. The average estate agent in the UK now lists around 37 properties – up from 32 a year ago. That’s a 15.6% increase in housing stock year-on-year, offering more opportunities for buyers across Hull and East Yorkshire.
As a seller, this means you’ll need to be realistic on pricing to compete.
The good news? Sales agreed are up 6% compared to last year, and the average time to sell a home is 45 days – but overpricing can hold things back.
Don’t Fall into the Overpricing Trap
One of the biggest challenges sellers face is setting the right asking price.
It can be tempting to go with the agent who gives you the highest valuation, but that doesn’t always lead to a faster or better sale. In fact, it often does the opposite.
In a digital-first world, buyers can easily compare prices using tools like Rightmove and Zoopla, and they’ll quickly spot when a home is overvalued. This can lead to fewer viewings, reduced interest, and what’s known in the industry as a stale listing – a property that sits on the market for months without selling.
If this happens, the only real solution is to reassess the price to reflect true market value – and that can delay your move.
How to Get Your Property Valuation Right
We always recommend getting three valuations before choosing an estate agent. But don’t just go for the biggest number.
Instead, look for:
- Experience selling homes in Hull and East Yorkshire
- High-quality marketing, including professional photos and video tours
- Strong social media presence to increase exposure
- A transparent, honest approach to pricing and communication
At Beercocks, we’ve built our reputation on straight-talking advice, exceptional service, and a deep understanding of the local property market.
If you're ready to make your move, we’d love to help.
Get in touch with your local Beercocks branch today to book your free, no-obligation property valuation.
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