UK flat buyers and sellers are facing a tough housing market, with many reporting high prices, rising mortgage rates, and slow transactions. According to a recent survey by the property website Rightmove, the average time to sell a flat has increased to 70 days, up from 55 days last year.
Challenges for buyers
First-time buyer Sarah Jones, 29, said she has been trying to buy a one-bedroom flat in London for over a year. "I've made offers on three flats, but each time I've been outbid by cash buyers or investors," she told The Guardian. "It's really frustrating, especially with mortgage rates going up." Mortgage rates have risen to an average of 5.5% for a two-year fixed deal, according to Moneyfacts, making affordability a key issue.
Sellers also struggling
Sellers are not having an easy time either. John Smith, 45, has had his two-bedroom flat on the market in Manchester for six months with no offers. "I've reduced the price by 10%, but still no interest," he said. The Royal Institution of Chartered Surveyors reported that new buyer inquiries fell for the fifth consecutive month in May, indicating weak demand.
Market outlook
Experts predict the market will remain challenging for the rest of the year. "We expect flat prices to fall by about 5% in 2026, as higher mortgage rates and economic uncertainty take their toll," said property analyst Tom Brown. However, some areas like Edinburgh and Bristol continue to see strong demand, particularly for smaller flats near city centres.
