Only 50% of homes that leave estate agents’ books in the UK are progressing to exchange and completion, according to market data analysed for week 27 of 2026 by Rob Smith, managing director of Hunters, Northwood and Whitegates at The Property Franchise Group.
The figures reveal that in June 2026, 66,200 exchanges were recorded whilst 64,000 properties were withdrawn from the market. This 50.9% success rate indicates that for the average home seller, listing a property has become what Smith described as “a flip of a coin”.
Overvaluation identified as key problem
Smith attributed the high failure rate to persistent overvaluation of properties by agents. “The biggest problem is not a lack of buyers, it is the continued overvaluing of homes by agents who are more frightened of losing the instruction than they are of telling the vendor the truth,” he stated.
Supporting this analysis, data shows that 14.3% of UK homes for sale were reduced in June 2026, up from 13.4% in May. The year-to-date average of 12.9% price reductions exceeds the six-year long-term average of 10.7%. Additionally, there is a 14.4% difference between the average asking price of new listings (£427,000) and properties that go under offer (£373,000).
Market performance remains steady
Despite completion challenges, gross sales activity remains relatively stable. The market recorded 667,000 homes sold subject to contract year-to-date, which is 6.9% lower than 2025 but 0.2% higher than 2024 and 10.7% ahead of 2023 levels.
New listings totalled 1,001,904 year-to-date, nearly identical to 2025 figures and 4.5% ahead of 2024. Current stock levels stand at 760,000 homes on the market as of 1st July 2026, marginally below the 763,000 recorded 12 months prior.
The sell-through rate, which measures the percentage of homes on agents’ books that went under offer, stood at 13.8% in June 2026, compared to the pre-COVID average of 15.5%. The fall-through rate remained at 24.2%, close to the decade average of 24.5%.
Rental market trends
The rental sector showed average rents of £1,808 per calendar month in June 2026, up from £1,791 in June 2025. Available rental stock increased to 315,000 properties in June 2026 from 307,000 the previous year. This comes as legislative changes continue to impact the rental sector.
Price growth continues
Properties going under offer in June 2026 averaged £350.22 per square foot, representing a 1.94% increase compared to 12 months ago (£343.54) and 12.3% higher than five years ago. This price-per-square-foot metric matches HM Land Registry Index data with 98% accuracy, five months in advance.
The data suggests that whilst the UK property market continues to function with steady transaction volumes, the widening gap between seller expectations and buyer willingness to pay is resulting in significant inefficiencies. With only half of listed properties reaching completion, the emphasis on accurate initial pricing appears increasingly critical for successful transactions in the current market environment.
