(Alliance News) - The current year has seen the busiest May for agreed property sales since 2021, Rightmove PLC reported on Thursday.

The online property portal provider said May was also the busiest month for sales since March, 2022.

The number of sales agreed across Great Britain increased 6% in May on an annual basis, and in Wales they jumped 15%. London sales, by contrast, only increased by 1%.

The fastest growth for London was in Barnet, where sales rose 68% with an average asking price of GBP735,218. Outside the capital, the leader was Heywood in Manchester, where sales increased 88% with an average price of GBP205,221.

The firm commented: "Due to the seasonality of the property market, May is typically a busy point in the calendar year for agreed sales as a result of new seller and buyer activity from earlier in the year.

"However, this year's figure reflects an improvement in housing market conditions. The average five-year fixed mortgage rate is now 4.61%, compared with 6.11% at the peak in July 2023."

Rightmove's Colleen Babcock commented: "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."

By Emma Curzon, Alliance News reporter

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