Looking for comments on what's happening in the housing market now

We have found the past three months in UK property has been defiantly strong and resilient to external economic factors. Pend up demand caused by low transaction volumes in Nov and Dec led to a surge going in to the new year which continued into the spring market. When interest rates shot up, we expected a huge reduction in demand which translated into just a 5% reduction in volume in reality. This was mainly driven by those buyers who anticipated rates coming down and held off but when rates went up, they jumped to make their move. The next three months will most likely see a gradual slow down but if credit is available there will still be a reasonable market

The Cornish market in May 2026 is defined by a "Great Shakeout" as a "Spring Stall" takes hold. While the frenzy of recent years has cooled, geopolitical volatility and "sticky" mortgage rates near 5.4% have forced a transition toward price-sensitive pragmatism. The 100% Council Tax premium on second homes and the May 1st abolition of Section 21 evictions are driving a steady exodus of "lifestyle" landlords. These sellers are cashing out rather than navigating new rolling tenancies and "Making Tax Digital" hurdles. This influx of former rentals is providing much-needed stock for local upsizers, though properties with EPC ratings below C face significant "price chips." Over the next 2-3 months, expect a buyer’s market to solidify. While the rental sector shrinks, creating a "rental desert," the power has shifted to local owner-occupiers. Success now requires "protective pricing" as the investor premium vanishes, leaving the market in a disciplined, wait-and-see state.

The housing market hasn’t stalled — it’s adapted.
What I’m seeing now is buyers and landlords finally accepting that ultra-low rates are gone and putting plans back into motion rather than waiting endlessly for the ‘perfect’ moment.
The people moving right now are the ones making realistic decisions, not emotional ones. Buyers are negotiating harder, landlords are focusing heavily on yield, and affordability has become far more important than speculation on future house price growth.
Over the next 2–3 months, I expect the market to remain active but disciplined. If geopolitical uncertainty continues, confidence may wobble, but the underlying issue is still lack of supply. Many homeowners are sitting on older fixed rates and simply refusing to move unless they absolutely have to.
That shortage of stock is quietly keeping a floor under house prices.
This is no longer a frenzy market — it’s a selective market. The deals that are priced correctly and financially stack up are still moving,