Industry optimism of recent weeks seems to have been proven justified by the latest insight from Rightmove, which reveals the busiest May for agreed sales since 2021 and the busiest of any month since March 2022.
The figures highlight improved market conditions, Rightmove says, with the average five-year fixed-rate mortgage now at 4.61%, compared to 6.11% in July 2023.
Across Great Britain, the number of sales agreed is now 6% ahead of the same period last year, with some regions faring significantly better than others. In Wales, sales agreed are 15% higher than this time last year, with London sales increasing by just 1%.
The North West continues to make strong gains, with Heywood the latest hotspot: the number of buyers agreeing a home purchase deal in the town is nearly double the level of this time last year – an 88% increase. Pudsey in West Yorkshire enjoyed an 85% year-on-year jump in sales, with Wilmslow in Cheshire up by 66%.
Nine of the 10 sales hotspots outside London have an average house price below the national average, which Rightmove says illustrates how affordability is 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.”
Nathan Emerson, CEO of Propertymark, has been consistently optimistic about the market in the face of ongoing economic uncertainty. Commenting on the new figures from Rightmove, he said:
“With house prices adjusting, mortgage products improving, and overall confidence from buyers and sellers on the up, this is evidently creating the perfect combination and propelling the housing market forward.
“Alongside this, the country’s increasing population and rise in the number of people looking to buy a home are playing a key part in this growing trend.
“Despite rises in Stamp Duty commencing across England and Northern Ireland from April, those serious about moving home have not let this dampen their home moving plans. As we move into summer, which is a traditionally busier time of the year, we expect to see more properties on the market, ultimately providing movers with more choice, which can lead to easier negotiations.”
However, Babcock warned sellers to remain realistic when pricing properties and to pay close attention to regional variations. She said:
“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.”
Areas in Great Britain (outside London) with biggest uplift in sales agreed
| Location | Sales agreed YOY | Average asking price |
| Heywood, Greater Manchester | +88% | £205,221 |
| Pudsey, West Yorkshire | +85% | £264,920 |
| Wilmslow, Cheshire | +66% | £569,694 |
| Irvine, Ayrshire | +63% | £131,659 |
| Rushden, Northamptonshire | +61% | £273,572 |
| Brighouse, West Yorkshire | +58% | £237,822 |
| Newton Mearns, Glasgow | +55% | £348,922 |
| St. Annes, Lancashire | +52% | £274,023 |
| Lichfield, Staffordshire | +51% | £372,494 |
| Brislington, Bristol | +51% | £359,475 |
Areas in London with biggest uplift in sales agreed
| Location | Sales agreed YOY | Average asking price |
| Barnet, North London | +68% | £735,218 |
| Kingston Upon Thames, Surrey | +52% | £781,977 |
| Tottenham, North London | +51% | £463,090 |
| Mitcham, Greater London | +49% | £435,418 |
| Hampstead, North West London | +32% | £1,367,757 |
| Beckenham, London | +32% | £625,018 |
| Hayes, Middlesex | +30% | £433,239 |
| Becontree, Dagenham, London | +29% | £371,607 |
| Bow, East London | +25% | £500,954 |
| Enfield, Greater London | +25% | £456,014 |
