Agreed property sales hit highest May levels since 2021 – Rightmove

May was the busiest month for agreed property sales since 2021, and the busiest of any month since March 2022, according to research from Rightmove

Across Great Britain, agreed property sales were up 6% compared to last year. 

Wales saw a 15% rise in agreed sales year-on-year, while London saw a 1% increase. 

Heywood in Greater Manchester had the greatest increase, with agreed sales up 88% compared to last year. 

Pudsey in West Yorkshire followed with an 85% rise, and Wilmslow in Cheshire was up 66%. 

Nine of the top 10 hotspots outside London had average asking prices below the national average, showing affordability and value had a strong influence.

In London, Barnet saw a 68% increase in agreed property sales, with Kingston Upon Thames up 52% and Tottenham up 51%. 

The average price tags in these areas varied widely, with Hampstead at the higher end at £1,367,757 and Becontree in Dagenham at £371,607.

Colleen Babcock, property expert at Rightmove, said: “This month’s hotspots reflect broader market trends driven by affordability and attractive property prices. 

“With mortgage rates higher than the lows we saw post financial crisis, and affordability stretched, many buyers are continuing to look for value, which is likely reflected in the lower than average prices of some of the current hotspots. 

“With the overall number of sellers continuing to run at a decade-high, sellers need to also be mindful of the competition they might face from other sellers trying to secure a buyer in their area.”

Babcock added: “Working with a local agent to price realistically and competitively for that market, rather than pricing too high, is one way to increase the likelihood of a successful sale.”

Nathan Emerson, CEO at Propertymark, said: “With house prices adjusting, mortgage products improving, and overall confidence from buyers and sellers on the up, this is evidently creating the perfect combination and propelling the housing market forward. 

“Alongside this, the country’s increasing population and rise in the number of people looking to buy a home are playing a key part in this growing trend. 

“Despite rises in Stamp Duty commencing across England and Northern Ireland from April, those serious about moving home have not let this dampen their home moving plans.”

Emerson added: “As we move into summer, which is a traditionally busier time of the year, we expect to see more properties on the market, ultimately providing movers with more choice, which can lead to easier negotiations.”

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