The number of sales subject to contract increased by 23% in Q3 2024 compared with the same period last year, data from TwentyEA has revealed.
All regions saw an increase in sales, with the East Midlands and East of England both experiencing rises of 28%.
Major cities such as Southampton, Peterborough, and Birmingham recorded the largest percentage increases.
The supply of properties for sale reached 456,902, up 9% from 419,807 in Q3 2023, marking the highest level in six years.
Exchanges also increased by 10.9% compared to the previous year.
Katy Billany, executive director of TwentyEA, said: “The increase in sales is attributed to lower mortgage rates, which have fuelled a rise in demand among homebuyers.
“The Bank of England’s recent move to hold the base rate steady has also provided stability to the market.
“Furthermore, it demonstrates that the demand has not been affected by July’s parliamentary election.
“However, for some homeowners, the financial duress brought about by fixed rate mortgages will be forcing a sale based on unaffordability.”
The average asking price of residential properties was £436,000 in Q3 2024, slightly up from £434,200 in Q3 2023 but down £20,000 from Q2.
Price reductions were also prominent, increasing by 8.6% from 2023.
Of all listings in 2024, 38% experienced at least one price reduction.
Billany noted: “As always, confidence and sentiment underpin the market and while sales have increased a lot since last year, many prospective buyers will still be holding back until after Labour’s Budget which is now just weeks away.
“Exactly how this impacts property owners will dictate whether the market continues to accelerate.”
The proportion of properties for sale that were previously rented reached its highest level in a decade, with 11.3% of new listings having been rentals in the last three years, up from 6.8% in Q3 2023.
In Q3 2024, the market share of exchanges among self-employed agents rose by 8.1%, demonstrating significant growth in recent years.
Billany said: “Adoption of the self-employed model, through brands such as eXp, The Agency UK, and Keller Williams, is continuing to grow among estate agents, with a 22.8% rise from 2023.
“As a collective, self-employed agents are now larger than the two biggest estate agency brands, Purplebricks and William H Brown, suggesting that the benefits of being self-employed are attracting more agents.”
