
Last month was the busiest May for agreed home sales since 2021 and of any month since March 2022, the latest analysis from Rightmove shows.
Despite fears of a lull after buyers rushed to beat the stamp duty increase on April 1, the figures suggest the property market has bounced back.
Rightmove highlights the improvement in mortgage affordability as part of the reason, with the average five-year fixed rate now 4.61%, compared to 6.11% at the peak in July 2023.
Across Britain, the number of sales agreed is now 6% ahead of the same period last year.
However, the figure is much higher in some locations.
In Wales, the number of sales agreed is 15% higher than at this time last year, compared with London where the figure is just 1% higher.
Heywood in Manchester was the hotspot with the highest number of agreed sales – 88% higher than this time last year.
Nine out of the top ten sales hotspots outside of London have prices below the national average.
Rightmove property expert Colleen Babcock says: “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.
“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.”
Last month Rightmove highlighted a surge in US buyers seeking properties in the UK.