May saw the largest number of agreed property sales out of any month since March 2022 and was the busiest May for agreed property sales since 2021, according to the latest figures from Rightmove.
May is typically a busy month in the year for agreed sales, but this year’s figure highlights the improved market conditions, as home-movers carry on following the stamp duty increase.
The average five-year fixed mortgage rate is now 4.61%, compared with 6.11% at the peak in July 2023.
Across Great Britain, the number of sales agreed is now 6% ahead of the same period last year. However, this trend is more prominent in some areas than others. 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.
May’s hotspot is Heywood in Manchester, with the number of buyers agreeing a deal to purchase a home there nearly double (+88%) the level of this time last year. Second on the list of hotspots is Pudsey in West Yorkshire (+85%), followed by Wilmslow in Cheshire (+66%).
Nine out of the top ten sales hotspots outside of London in May have an average price tag below the national average, indicating affordability and value are influencing sales trends.
Colleen Babcock, property expert at Rightmove, commented: “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.”
