The Tug-of-War Between Wallets and Wishes, June 2026 UK Property Market
I was chatting with a young couple this morning while we stood in a sunny kitchen, and the husband asked me, "Luke, are we silly for looking at houses when the news says the market is falling?" His question really stuck with me. It’s the same worry I hear over the garden fence or while grabbing a coffee on the high street.
There’s a huge myth floating around right now: that the property market is "crashing" because house prices are lower than they were this time last year. But here’s the reality: while prices have dipped by a tiny 0.4% over the last twelve months, they actually edged up by 0.05% between May and June. To put that in perspective, if a house cost £284,720 last month, it’s worth about £284,862 now. That’s not a crash; it meanders like a slow river, not a waterfall.
Did you know that despite all the scary headlines, more people are getting "yes" nods from their banks than we’ve seen in years? Mortgage approvals—which is just a fancy way of saying the bank has promised to lend someone the money for a new home—hit 63,500 this month. That is the highest number we've seen all year! It tells us that people aren't waiting for a "perfect" moment anymore; they are moving because they need an extra bedroom or a garden for a new puppy.
A big reason for this confidence is that the Bank of England hasn't changed its "base rate" since 18 December 2025. This rate is 3.75%, and because it hasn't budged in nearly six months, banks are feeling much more relaxed about how they price their home loans. It’s like the weather forecast finally saying "sunny" for several days in a row—everyone feels safer planning a picnic.
While prices are slightly lower than last June, our wages are actually doing the opposite. Average earnings have gone up by 3.7%. Imagine your paycheck growing while the price of the thing you want to buy stays still—or even drops a tiny bit. This is making homes feel "cheaper" to our wallets, even if the price tag hasn't changed much.
So, how does this national dance affect us here in null? Well, the national market is like the tide; when it moves, every boat in every harbour moves with it. When the Bank of England keeps rates steady, it means someone looking for a home in null can plan their monthly budget with more certainty. Even though national prices are slightly down on last year, the sheer number of people getting mortgages means there is plenty of life in the market right here in our postcode.
Looking ahead, I don’t think we’re going to see any sudden jumps or drops. The market feels like it’s finally found its balance. For homeowners, your house is still worth significantly more than it was a few years ago (about £40,000 more on average than in early 2021!). For buyers, the steady interest rates mean you can shop with confidence. It’s a bit of a "slow and steady wins the race" kind of summer.