Fleurets, Annual Survey of UK Pub Prices

New Fleurets data reveals falling pub values, continued closures, and a growing divide between premium, value-led, and struggling pubs across the UK.

Fleurets has released its annual Survey of Pub Prices.

The sector faced mounting pressure throughout 2025, as increases in wages, National Insurance, and business rates coupled with a squeeze on spending impacted profitability and confidence. Labour costs alone rose by an estimated £3.4 billion across hospitality. Despite resilient consumer demand in parts of the market, many pubs struggled to mitigate the increased costs.

The latest data shows that these pressures are feeding through into lower sale prices, subdued transaction activity, and continued pub closures.

Key Data Highlights

Freehouse Sale Prices

• National: £800,364 (-9%), FMT £615,000 (-10%), multiple 1.30
• North: £473,000 (+8%), FMT £434,000 (+13%), multiple 1.09
• South: £950,000 (-3%), FMT £698,000 (-7%), multiple 1.36

Bottom-End

• National: £283,000 (-17%), FMT £240,000 (-10%), multiple 1.18
• North: £226,000 (-22%), FMT £217,000 (-15%), multiple 1.04
• South: £426,000 (-2%), FMT £300,000 (+3%), multiple 1.42

Leasehold Market

• Nationally, average sale price £37,000 (-24%), FMT down 5%. Transaction volumes up 25%, particularly in the North.

Alternative Use

• 69% of all pubs and 83% of freeholds sold remained in pub use
• Bottom-end pubs are more vulnerable: 56% of bottom end pubs stay as pubs; 74% of pubs sold for non-pub use were lower-quality sites.
• Pubs sold as trading businesses achieved prices 86% higher than alternative-use sales, with the average pub sold for pub use £616,000 (-9.3%).

The figures highlight clear differences in market performance, with stronger pubs commanding higher prices while lower-quality sites face greater challenges.

James Davies, Director and Head of National Agency at Fleurets, said: "Rising wage costs, higher National Insurance and increasing business rates have reduced the profits pubs can sustainably generate. Buyers price pubs on future earnings, past performance is just a guide, and the pressure on profit is now feeding directly into lower sale prices, particularly at the bottom end of the market."

"We are seeing a more clearly segmented market. Premium food-led pubs, particularly those with accommodation, and value-led community pubs continue to perform well, while under-invested pubs without a clear offer are increasingly vulnerable. Opportunities still exist for operators with the right strategy and resources, but pubs at the bottom end face the greatest risk. Targeted support and improving economic conditions will be critical to help many pubs survive."

Looking ahead to 2026

Further increases in wages and business rates will add further cost pressures, although a forecast reduction in interest rates may support renewed investment activity. Corporate operators remain acquisitive, particularly for well-positioned, sustainable pubs that fit a clear operational model.

Read the full Fleurets Survey of Pub Prices - 2025 Review.

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Notes to editors:

All statistics have been taken from detailed analysis of transactions completed by Fleurets, where first-hand information is available. They do not purport to reflect all market transactions.