An abrupt increase in demand for property in the UK since the reopening of markets is said to be continuing, with prime properties leading the way.

Research from property consultancy Knight Frank says that in the week ending 16 August, analysis of sales subject to contract on Rightmove showed a 61 per cent jump compared with the same week one year prior.

In London, the number of offers accepted for that same week was 68 per cent higher year-on-year and in the country the figure was 158 per cent higher.

The number of properties SSTC above £1m was 100 per cent higher than the same week in 2019, the analysis shows, whilst for properties valued between £750,000 and £1m the jump was 119 per cent. By comparison, the number of offers accepted for properties valued up to £500,000 was 53 per cent higher.

The biggest increase in deals agreed since the end of lockdown has taken place in the prime market, a similar trend to that which took place during the period that followed the global financial crisis, the data finds.

Knight Frank head of residential development research Oliver Knight says: “Such a strong rebound reflects the ongoing release of pent-up demand following lockdown, coupled with the recent cut to stamp duty.

“It is also likely that there are wider behavioural shifts in play, as people reassess their housing needs – the ‘escape to the country’ narrative is one that has been covered in detail.

“A stronger recovery at the top-end reflects the fact that such buyers financial position means they tend to be able to transact more quickly, whilst more affluent households are also less reliant on lending.

“For now, pent-up demand, the stamp duty holiday and extension of the furlough scheme all continue to support a strong recovery in the market.”