According to Rightmove, May is usually a busy month for agreed sales, but the latest figure for May shows “improved market conditions” and homemovers continuing with sales after the stamp duty increase.
The report noted that the average five-year fixed rate mortgage is 4.61%, which is below the peak of 6.11% in July 2023.
The number of agreed sales in Great Britain is 6% ahead of the same period last year, with some regions seeing higher proportions of agreed sales.
For instance, the number of agreed sales in Wales is 15% higher than this time last year, compared to London, where agreed sales are only 1% ahead.
Heywood in Manchester was the top sales hotspot, with the number of buyers agreeing a deal 88% higher than this time last year.
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This was followed by Pudsey, West Yorkshire, which is 85% ahead year-on-year, and Wilmslow, Cheshire, at 66%.
|
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 |
Rightmove said “affordability and value” are influencing sales trends, with nine out of the 10 sales hotspots in May having an average price tag below the national average.
Colleen Babcock, property expert 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.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: May comes in as busiest month for agreed sales since 2021, Rightmove says
