May was especially busy this year, with agreed sales reaching a four-year high, Rightmove research has revealed.<\/p>\n
More favourable mortgage conditions have helped, as the average five-year fixed mortgage rate is now 4.61%, compared with 6.11% at the peak in July 2023.<\/p>\n
Across Great Britain, the number of sales agreed is now 6% ahead of the same period last year.<\/p>\n
Colleen Babcock, property expert at Rightmove, said: \u201cThis month\u2019s hotspots reflect broader market trends driven by affordability and attractive property prices.<\/p>\n
\u201cWith 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.<\/p>\n
\u201cWith 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.<\/p>\n
\u201cWorking 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.\u201d<\/p>\n<\/p>\n
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.<\/p>\n
Rightmove labelled Heywood in Manchester a \u2018sales hotspot\u2019, as the number of buyers agreeing a deal to purchase a home nearly doubled (+88%) from May last year.<\/p>\n
Nine out of the top ten sales hotspots in May have an average price tag below the current national average.<\/p>\n
Nathan Emerson, chief executive of Propertymark, said: \u201cWith 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.<\/p>\n
\u201cAlongside this, the country\u2019s increasing population and rise in the number of people looking to buy a home are playing a key part in this growing trend.<\/p>\n
\u201cDespite 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.<\/p>\n
\u201cAs 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
May was especially busy this year, with agreed sales reaching a four-year high, Rightmove research has revealed. More favourable mortgage conditions have helped, as 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 […]<\/p>\n","protected":false},"author":1,"featured_media":575,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"class_list":["post-574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n