UK House Prices Fall 0.6% as Prime London Exchanges Stretch to 97 Days
Updated
Updated · Financial Times · Jun 15
UK House Prices Fall 0.6% as Prime London Exchanges Stretch to 97 Days
2 articles · Updated · Financial Times · Jun 15
Summary
Nationwide said UK house prices fell 0.6% in May from April, the first monthly decline this year, while annual growth slowed to 1.7% from 3.0%.
Prime London sales are taking longer to complete, with the median time from under offer to exchange at 97 days in the first five months of 2026, reflecting slower conveyancing, weaker demand and more complex chains.
That delay is feeding more failed deals: prime London averaged about 650 under offers a month this year and roughly 150 fall-throughs, the highest such ratio since 2008.
Sellers are also paying a price for stale listings, with homes lingering a year or more taking an average 19% discount versus 3.6% for properties going under offer within three months.
The UK government finished a 12-week consultation on conveyancing reform in December and is due to publish recommendations this year as pressure grows to speed transactions.