The average asking price of property in England is up by an average of 1.9% (+£6,266), compared to March when lockdown started, according to Rightmove.

Average asking prices are now up to £337,884, following the reopening of the housing market in mid-May, said the property portal.

It also noted that, between 13th May and 4th June, buyers were having offers accepted at 97.7% of the last advertised asking price on Rightmove.

New supply of homes for sale is also starting to recover, though there are over 175,000 missing sellers that would have come to market between 24th March and 12th May, when compared to the same period in 2019.

Demand up

The release of pent-up spring demand has led to 10 of the busiest traffic days ever recorded on Rightmove in May and June. The busiest day for time spent on the site was Saturday 6th June, with people collectively spending over 955,000 hours.

The number of home movers emailing and calling agents via Rightmove in England hitting a record on 8th June, up 40% on the level recorded in early March.

Sales agreed have also recovered, with 40,000 new sales agreed since the housing market re-opened on 13th May.

Miles Shipside, Rightmove director said: “Following the initial shock of the early reopening of the housing market, England is getting moving again with a boom in traffic on Rightmove. There are no signs of panic selling or even a price dip.

“Some sellers who had agreed a sale before lockdown have been worrying that their buyer may try to re-negotiate with a reduced offer. On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards.”

Managing director of Sourced Capital, Stephen Moss, added a note of caution: “It will be interesting to see where the market sits once this initial burst of activity subsides, ” he said.

“It is almost certainly being fuelled by those already transacting and those that have had to move out of necessity, but the long term health of the market relies on a sustained level of transactions.”