The average price of property coming to the market has jumped to a record new high.
Portal Rightmove said the 1.8% monthly increase was the biggest of the year so far and significantly higher than the historic May average rise of 1%.
The average price is now £372,894, a jump of £6,647. Agreed sales numbers are currently just 3% behind the last more normal pre-pandemic market of 2019.
According to Rightmove, the discount from final asking price to agreed sale price has steadied at an average of 3.1%, in line with normal market levels, reflecting home-mover confidence in the outlook for the market
Buyer demand is 1% lower than in 2019 for top-of-the-ladder properties, compared with 3% above 2019’s level in the second-stepper sector, and 6% above in the first-time-buyer sector.
Average mortgage rates are remaining steady despite another increase in the Bank of England base rate although there are signs there could be a slight rise as a result of higher inflation figures.
Currently, an average five-year fixed, 15% deposit mortgage is now 4.56%, compared to 5.89% last October.
Sheldon Bosley Knight’s director of residential sales and marketing, James Morton said: “This time of year is traditionally the busiest season for the housing market. Lots of people kick start their moves when the daylight hours get longer and the weather starts to warm up.
“We are seeing plenty of interest in property from both buyers and sellers and while mortgage rates are higher than they were 18 months ago, they are as a result of the market recalibrating after an historic period of very low rates.
“As long as a property is priced realistically and marketed correctly, there is no reason why it can’t sell.
“We would advise anyone thinking of buying or selling to get in touch and see how we can get you moving.”