Last month was the busiest May for agreed property sales since 2021, and the busiest out of any month since March 2022, the latest insights from Rightmove has revealed.
Due to the seasonality of the property market, May is typically a busy point in the calendar year for agreed sales as a result of new seller and buyer activity from earlier in the year.
However, this year’s figure reflects an improvement in housing market conditions. 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 being agreed is 15% higher than at this time last year, whereas in London the figure is just 1% higher.
May’s sales 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%) and third on the list is Wilmslow in Cheshire (+66%).
It appears that affordability and value are influencing sales trends based on May’s hotspots. While mortgage rates have come down significantly from the peak, they are only slightly down from this time last year.
Nine out of the top ten sales hotspots in May have an average price tag below the current national average.
Colleen Babcock, property commentator at Rightmove, said: “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.”
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 |
Reflecting on the latest Rightmove report, Nathan Emerson, CEO of Propertymark, commented: “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.”
Read the orginal article: https://propertyindustryeye.com/busiest-may-for-property-sales-agreed-since-2021-as-hotspots-revealed/
