The number of monthly sales agreed is the highest measured since Rightmove began tracking it ten years ago, up by 38% year-on-year and 20% higher than the previous record set in March 2017. The portal argued that this increase is not simply a result of the temporary Stamp Duty holiday, as sales agreed are up across all sectors of the market. In total the deals agreed amount to a total of over £37 million, according to Rightmove.

There has also been a sharp increase in properties coming to market, with listings up 44% on the same period in 2019, though Rightmove noted there are “considerable” variations between different regions.

Asking prices did nonetheless fall marginally over August, by 0.2% to an average of £319,497, though this was largely down to a 2% fall seen in London. Overall asking prices are still up by 4.6% on the same period in 2019.

The portal suggested that the high levels of demand from buyers was placing extra pressure on the lending and legal areas of the homemoving process, noting that the average time between agreeing a sale and moving in was already at around three months before lockdown. It questioned whether lenders and conveyancers will struggle to cope with the increased workload in the coming months.

Miles Shipside, Rightmove director and housing market analyst, commented: “Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster.

“We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record £37 billion monthly spending spree.”