Press Round Up July 2025

Wed 20 Aug 2025

House prices fell in June, according to latest figures from Nationwide building society. Jeremy Leaf, principal of Jeremy Leaf & Co, told The Guardian: “In our offices, the amount of stock presently overhanging the market has not only resulted in lower prices as seen in these figures, but has meant more protracted transactions. Looking forward, only realistically-priced properties which stand out from the crowd will continue to attract attention as worries about the economy and inevitable tax rises on the horizon play their part."

Meanwhile, rival lender Halifax reported that house prices were stagnant in June, following a 0.3 per cent drop from April to May. Jeremy Leaf told City AM that worries about tax rises had reduced optimism: “The net result is slower, longer transactions and softening prices so sellers, particularly of higher-value homes, need to recognise market sensitivities if they want to stand out from the crowd.”

House prices are more affordable on average than 20 years ago, comparing average incomes and average property prices. Jeremy Leaf told This is Money: “What the house price-to-earnings ratio doesn’t show is the impact of the rise in rents over that period – particularly in London and other cities. That increase has made it more difficult for aspiring first-time buyers to save for deposits and resulted in the postponement of many moves. The sharp drop in transaction numbers following the ending of the stamp duty holiday last March showed the importance of financing those initial costs to first-time buyers in particular."

Rachel Reeves has given the green light for banks to relax their lending criteria with more mortgages available at more than 4.5 times a buyer’s income. Jeremy Leaf warned in The Express: “It could help stoke prices at a time when supply, in terms of new build, is not yet reaching the levels that the Government are hoping to aspire to. It’s a headline-grabber - it will bring more people to the table and first-time buyers should maybe be interested in looking at it. But they need to look at the pattern of their spending, not just presently, but where they expect it to be in a few months and a few years to make sure it doesn’t compromise their lifestyle and they have a fair idea that the price of the property is going to be at least maintained and maybe gently increase."

The average asking price of a property fell by 1.2 per cent in July, according to Rightmove. Jeremy Leaf told Forbes: “Sales are still being agreed but nearly always with sellers who have recognised the importance of setting a realistic initial figure to differentiate themselves from so much other, often similar, property. Otherwise, buyers will take even more time waiting for the ‘right’ property and perhaps worrying about the possibility of autumn tax rises despite improving affordability – including the likelihood of imminent mortgage rate cuts."

How much should I pay for an estate agent? asks a Daily Mail reader, who has opted for a package at £5,000 plus VAT. Jeremy Leaf advises: “I believe a fixed-price arrangement may not prove to be in the best interests of seller or agent. The amount could be influenced by the value or saleability of the property and its context. For instance, does the £6,000 flat fee represent approximately 1 or 1.5 per cent of likely sale proceeds? Commission based on a percentage of the purchase price may give the agent added incentive to achieve the best possible deal. There’s another issue with fixed fees – they don’t suit all properties and market conditions. A set amount may be suitable when marketing identical-sized flats in a large block or similar houses in a substantial development, where differentiation can be tricky.”