"The latest figures from Rightmove will make uneasy reading for those who have been insistent on talking the market down over the last few months."
As a result, the number of sales agreed has recovered from a 94% drop at the height of lockdown to just 3% below last year's figures.
The average asking price of property coming to market in England is up by an average of 1.9% compared to March before the housing market was put on hold and Rightmove says buyers are now prepared to pay closer to the asking price. The data shows that buyers are agreeing to pay 97.7% of the asking price on average, an improvement from 96.6% for sales completed in February.
Additionally, the delayed spring market has led to a 'traffic boom' with Rightmove recording its 10 busiest ever days in May and June. Browsing turned into action, with the number of home movers emailing and calling agents via Rightmove in England hitting a record on 8th June, up 40% on the level recorded in early March.
Director of Benham and Reeves, Marc von Grundherr, commented: “The latest figures from Rightmove will make uneasy reading for those who have been insistent on talking the market down over the last few months.
"Of course, it will take some time before we see market health completely return to pre-lockdown levels however, early indicators clearly show a sustained appetite on both the side of buyers and sellers.
"A huge uplift in stock entering the market and an increase in the average asking price demonstrates there has been little to no dent in seller confidence. When you couple this with the fact that buyers are now paying a larger percentage of asking price than previously, it’s clear that any suggestion of a market crash couldn’t be further from the reality we’re seeing on the ground.”
Managing director of Sourced Capital, Stephen Moss, added: “Perhaps a little too soon to call the complete resurrection of the UK property market from the depths of lockdown decline, but positive signs nonetheless.
"It will be interesting to see where the market sits once this initial burst of activity subsides. It is almost certainly being fuelled by those already transacting and those that have had to move out of necessity, but the long term health of the market relies on a sustained level of transactions.
The danger now is that those who were contemplating a sale later in the year may sit tight until the dust has truly settled and this will lead to a period of muted market activity down the line if they do.
"That said, given the market's current immunity to the crisis and the clear signs of returning confidence, they may well decide that now is as good a time as any to transact, with the figures suggesting they’re not wrong.”
