May this year was the busiest month for house sales being agreed since March 2022, according to Rightmove.
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%, compared with 6.11% in July 2023.
The website also said that Heywood in Greater Manchester, Pudsey in West Yorkshire, and Wilmslow in Cheshire 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.”