The number of home sales being agreed is back to its pre-pandemic level for the first time since September, said Rightmove, now standing at just 1% behind March 2019.

It added that the total number of agreed sales has improved from being 21% behind 2019 at the start of the year. But despite the recovery, agreed sales are still 18% below the ‘exceptionally busy market’ this time last year.

The current surge in sales is most noticable in London, where agreed sales are now 11% higher than March 2019.

Rightmove’s property expert, Tim Bannister, said: “While the market is by no means at the exceptional level it has been over the last couple of years, it is a positive sign for agents that sales at a national level are being agreed at the same rate as the last more normal market of 2019, though there are regional differences across Great Britain.”

Boost in sales of flats

The property portal said that the recovery is being driven by sales of flats, which are up 10% compared to March 2019, a vast improvement on being 11% down at the start of the year.

In London, agreed sales of flats are now 23% higher than March 2019.

Robert Sturges, central London area director at Chestertons, said: “Our offices carry a high proportion of flats and we have noticed a significant upswing in buyer demand for apartments of all sizes. This demand for flats is driven by professionals who wish to shorten their commute, parents who invest for their children but also overseas buyers who are taking advantage of favourable currency exchange rates.

“In the face of rising living costs, some buyers may also decide that a flat is financially more viable than a house at this moment in time. Another driving force behind the demand for flats are renters who review their finances amid rising rents and decide that, despite higher mortgage rates, buying presents a better option long-term. We are therefore seeing a number of first-time buyers entering the market.”

Price cuts

Rightmove found that the average size of price reduction is also back to its pre-pandemic level of 6%, the equivalent of £22,000 based on the current national average asking price of £365,357.

It said that a third of properties now see a price reduction, which is up from last year’s 19%, but in line with the pre-pandemic level of 34%.

Bannister added: “The level and size of reductions has also returned to its pre-pandemic norm, though pricing right the first time can often lead to a quicker sale, so it’s important for sellers to speak to an agent about their local market so that they price realistically and give themselves the best chance of finding a buyer.”