July 2026 Sales Market Intelligence Report: SSTC conversion eases to 55.4% as the gap between Scotland and London widens to 30 points

Key findings from the report include:

• 204,626 new listings across Great Britain (down 2.9% vs May)

• 113,314 sales agreed (down 3.7% vs May)

• 55.4% SSTC conversion rate (down 0.5 percentage points vs May), easing from November’s 69.8% peak

• 31.8% of listings reduced, average reduction 8.5% on the original asking price
• Scotland leads conversion at 70.1%, London records the weakest conversion in Great Britain at 39.4%
• Seven of 11 regions above the GB SSTC conversion average, led by Scotland (70.1%), North East (68.3%) and Wales (61.6%)

National SSTC conversion rate eases to 55.4% in June

New listings fell 2.9% to 204,626 and sales agreed dropped 3.7% to 113,314, pulling the national SSTC conversion rate down half a point to 55.4%. That’s a natural pullback from November’s exceptional 69.8% peak, and a return to a more typical spring reading.

June was always going to be quieter. The Bank of England held the base rate at 3.75%. CPI inflation fell to 2.8% in May, its lowest reading since the Middle East conflict began pushing energy costs higher, which is feeding buyer confidence even with affordability still tight. A summer heatwave arrived on top of the usual June distractions, and buyers who were already stretched on affordability took their time rather than rushing to commit.

Detached stock led the retreat in new listings, down 6.0% on the month, while terraced homes stayed the busiest segment nationally at 48,108 new listings. Price reductions edged up to 31.8% of listings from 30.3% in May, with 290,904 of the 753,773 homes for sale nationally now carrying a cut, at an average reduction of 8.5%.

For agents, this reads as a market cooling from the top rather than stalling everywhere. Vendors of detached homes should expect a longer marketing run and an earlier conversation about price, while faster-moving stock types remain the safer bet for a quick sale agreed through the rest of summer.

Regional SSTC conversion rates split sharply as London lags

The regional gap is the real story this month. Scotland converted at a national best 70.1%, more than 30 percentage points clear of London’s 39.4%, the weakest reading in Great Britain and 16.0 percentage points below the national average. North East (68.3%) and Wales (61.6%) also converted well above trend, and seven of 11 regions sat above the GB average of 55.4%. Wales and West Midlands were the only two regions where new listings actually grew this month, up 2.1% and 0.3% respectively, bucking the national pullback in supply.

Supply is diverging just as sharply. Scotland’s new listings fell 3.3% in June, yet it still converted more of what came to market than any other region, leaving just 3,501 listings unresolved from 11,728 instructions, the tightest pipeline nationally. London’s new listings also fell 6.4%, adding a supply squeeze on top of its conversion problem. Its unsold pipeline of 16,348 listings is now the largest in Britain. The South East carries the second-largest overhang at 16,049 listings, alongside the highest reduction rate of any region at 43.0%. London recorded the steepest average price cut nationally at 10.1%.

For agents working in London and the South East, that combination of a growing pipeline and rising reductions is a signal to have the pricing conversation earlier, before a listing reaches its second price intervention. Scotland and Wales, by contrast, show what well-priced stock can still achieve, even with supply tightening.

Planning activity slows

Planning applications fell 27.8% to 12,599 in June, with approvals down 26.2% to 4,065 and refusals down 30.9% to 643. The approval rate held firm at 86% of decided applications, showing the drop is about volume rather than a tougher planning environment. Detached homes led applications by some distance at 4,238, even after a 31.3% monthly fall, while bungalows posted the best approval odds at 88.9%.

That thinner planning pipeline is worth flagging to vendors now as a short-term easing in competition, and a reminder to start building the autumn pipeline before the year picks up pace again.

Commenting on the latest report, Matt Gilpin, our Founder and CEO, says: "June’s easing was expected. Conversion settling back after November’s exceptional peak is a normal spring correction, and rates on hold gave buyers room to take their time. The number that matters most to me is the 30-point gap between Scotland and London. That gap is a pricing signal. Agents in the slower regions should be having that conversation with vendors now, ahead of the autumn stock arriving.”

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