‘Busiest May for house sales agreed since 2021’ as hotspots revealed
However, while nationally the number of sales agreed was up six per cent year-on-year - with Wales seeing a jump of 15 per cent - in London the number of transactions was just one per cent higher on the previous year.
Of the 10 sales hotspots were also outside London, reflecting the continuing stretched affordability in the capital, according to the Rightmove research.
The website said May is traditionally a brisk month for sales and last month’s transactions reflect improved market conditions as home movers press ahead, following a stamp duty hike at the start of April.
Last month was also the busiest month of May for agreed property sales since 2021.
Rightmove said the average five-year fixed mortgage rate is 4.61 per cent, compared with 6.11 per cent in July 2023.
In London, the borough with the biggest jump in sales agreed was Barnet, where the average price is £735,200. The number of transactions jumped 68 per cent compared to last year.
This was followed by Kingston-upon-Thames, average price £782,000, where the number of transactions was up 52 per cent; and Tottenham, where the number of sales rose 51 per cent, on homes with an average price of £463,100.
Location | Sales agreed year-on-year increase | Average asking price |
Barnet | 68% | £735,218 |
Kingston-upon-Thames | 52% | £781,977 |
Tottenham | 51% | £463,090 |
Mitcham | 49% | £435,418 |
Hampstead | 32% | £1,367,757 |
Beckenham | 32% | £625,018 |
Hayes | 30% | £433,239 |
Becontree | 29% | £371,607 |
Bow | 25% | £500,954 |
Enfield | 25% | £456,014 |
Nationally, Heywood in Greater Manchester (average price £205,200), Pudsey in West Yorkshire (average price £265,000), and Wilmslow in Cheshire (average price £570,000) all saw particularly big jumps in house sales in May, compared with a year earlier.
Colleen Babcock, a property expert at Rightmove, said: “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.”