Rightmove have reported that they've seen the highest number of agreed property sales in a single month since March 2022, and the busiest May since 2021. May is usually a busy month for sales agreed, as people often move house in Spring. This indicates that despite the economic pressures, many people are still looking to move home. However, the market is largely driven by affordability and attractive property prices. Mortgage rates are down from their highs a few years ago and have largely stabilised, giving buyers confidence to move ahead with plans. 

Rightmove reported that sales agreed across the UK where 6% higher than a year ago, but regional figures did vary. In Wales they reported sales were up 15% against the same period as last year. However, average house prices were down with higher value properties (+£1m), especially those with additional accommodation, finding it harder to find a buyer in the current market. 

The number of properties available to buy on the market is currently at a decade high, resulting in more options for buyers and competition for sellers. There are pockets of low supply, where demand remains high. For example, we are currently seeing high demand for properties under £240,000 with 3-bedrooms in most areas. Apartments remain in high supply, but low demand. 

Looking ahead, Rightmove expect the property market to continue on its regular rhythm with strong sales throughout Spring. They advised sellers when thinking of selling, keep in mind there is more choice for buyers - meaning getting the price right from day 1 of marketing is critical.