Author: benwelldaykin

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UK House Prices Summer 2026 – Full Report

The Spring 2026 Rightmove House Price Index makes for interesting reading — particularly for buyers and sellers in the East Midlands, where the picture looks considerably more positive than the national headlines suggest.

The National Picture

Average asking prices across the UK rose 1.2% in May to £378,304 — slightly ahead of the typical May increase of 1% seen over the last decade. While prices are marginally down on May 2025, the overall market is showing more resilience than many expected given ongoing cost-of-living pressures and wider economic uncertainty.

Buyer choice is at its highest level since 2015, with a third of properties on the market having seen a price reduction. Rightmove is clear that correct pricing remains essential — sellers who price realistically are continuing to agree sales, while those who overprice face extended marketing periods.

Sales agreed nationally are 4% below last year, though it is worth noting that mortgage rates were significantly lower at the same point in 2025. Compared to 2024, sales agreed are actually up 2% — a more encouraging comparison.

Mortgage Rates Are Improving

One of the most notable details in this month’s data is the continued fall in average two-year fixed mortgage rates, down from 5.42% last month to 5.18% this month. While rates remain higher than the historic lows of a few years ago, the direction of travel is positive and is helping to improve buyer affordability and confidence. For anyone who has been sitting on the fence waiting for rates to come down, the trend is moving in the right direction.

The North-South Divide — and Why It Matters for Nottingham

The most significant story in this month’s data is the widening gap between the north and south of England. Price growth is strongest in the more affordable regions — the north-east is up 2.7% year-on-year and the north-west is up 2.6% — while London is down 2.4% and the south-east is down 1.6%.

The East Midlands sits firmly in the more affordable, more active part of the market. Nottingham and the surrounding area continues to attract buyers who are looking for more space, better value and strong transport links — precisely the buyer profile that has been driving demand across our patch throughout 2026. For sellers in Nottingham and Nottinghamshire, the national data supports what we are seeing locally — correctly priced homes are selling, buyer demand is holding up, and the market is functioning well.

First-Time Buyers Are Holding Their Ground

First-time buyer activity nationally is only 1% below 2024 levels — performing better than the wider market. Rightmove attributes this partly to lenders offering higher loan-to-value products, making it easier for buyers with smaller deposits to proceed. Prices in the typical first-time buyer sector are also slightly lower than a year ago, which is supporting affordability without requiring buyers to overstretch.

For first-time buyers in Nottingham this is an encouraging picture. The combination of improving mortgage rates, realistic pricing from sellers and continued lender appetite at higher loan-to-value ratios means the conditions for getting on the ladder are more favourable than they have been for some time.

What This Means If You Are Thinking of Buying or Selling

If you are considering selling with our estate agents in Nottingham, the data supports acting now rather than waiting. Buyer choice is high, which means correctly priced homes sell while overpriced homes sit. Getting your pricing right from day one is essential — and that starts with an accurate, up-to-date valuation from an agent who knows your local market.

If you are buying, falling mortgage rates and a well-supplied market mean you have both choice and improving affordability on your side. Taking professional advice on the right mortgage product for your circumstances — particularly given the rate movements in recent months — is worth doing before you commit to a purchase.

At Benwell Daykin, we have been selling and letting property across Nottinghamshire for many years. If you would like a free, no-obligation valuation or want to discuss the current market in your specific area, call us or visit our office — we are always happy to help.

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Lloyds Launches £5,000 Deposit Mortgage — What It Means for First-Time Buyers in Nottingham

Big news for first-time buyers this week. Lloyds Bank — the UK’s largest mortgage lender — has announced a new mortgage product requiring a minimum deposit of just £5,000, available from 18 May 2026. For anyone who has been renting in Nottingham and wondering if homeownership will ever feel within reach, this is worth knowing about.

How does it work?

The mortgage is available through Lloyds Bank, Halifax, and via mortgage brokers. It’s designed for buyers purchasing a property valued between £100,000 and £300,000, with a maximum loan of £295,000. The loan-to-value ratio sits just above 98%, meaning a £5,000 deposit could be enough to get the keys to your first home.

The product comes with a five-year fixed rate of 5.89%, no product fee, and a maximum repayment term of 40 years. Applicants can borrow up to 4.5 times their annual salary, and the mortgage is open to both employed and self-employed buyers. A free Level 1 valuation is also included.

Who is it for?

The mortgage is aimed squarely at renters who are already managing their finances responsibly — paying bills on time, saving what they can — but who simply haven’t been able to build up a traditional 5% deposit without help from family. Lloyds notes that for many renters, monthly rent is already comparable to what a mortgage repayment would be. The barrier isn’t affordability — it’s the lump sum upfront.

Amanda Bryden, Head of Mortgages at Lloyds, put it plainly: many prospective buyers are doing everything right financially but still feel locked out of homeownership because saving a large enough deposit feels impossible. This product is designed to change that.

What are the eligibility rules?

There are some conditions to be aware of. The deposit must come from the applicant’s own savings — gifted deposits are not eligible. The mortgage is also not available for new-build properties or shared ownership purchases. At least one applicant must be a first-time buyer, and all applicants will need to pass full affordability and credit checks. A high credit rating is required.

What does this mean for Nottingham buyers?

This is particularly relevant news for buyers in the Nottingham area. The £300,000 property cap covers a significant proportion of first-time buyer homes in our region, and Lloyds’ own data shows that in most areas outside London and the South East, average first-time buyer house prices fall well within the scheme’s eligibility threshold.

The average age of a first-time buyer has risen to 32, up from 30 just a decade ago, a sign of how difficult it has become to save for a deposit while managing the cost of renting. Products like this have the potential to bring that timeline forward for buyers who have the income and financial discipline to sustain a mortgage but have struggled to accumulate a large lump sum.

Our take

At Benwell Daykin estate agents in Nottingham, we work with first-time buyers regularly and understand how frustrating it can feel to be ready in every practical sense but held back by the deposit hurdle. This new Lloyds product won’t be right for everyone, and it’s important to take proper mortgage advice before making any decisions. But for buyers with solid finances and modest savings already set aside, it could represent a genuine shortcut onto the property ladder.

If you’re thinking about buying your first home in Nottingham and want to understand what’s currently available to you, we’re always happy to have that conversation. Get in touch with the team at Benwell Daykin and we’ll point you in the right direction. Contact us here or call 0115 990 2007.