Home Sales Running at Fastest Rate Since 2021

The housing market across the UK is showing real signs of renewed momentum, with the number of sales agreed in May running at its fastest pace in four years. According to Rightmove, this is the strongest level of activity since the height of the pandemic-induced boom in 2021. Following a prolonged period of uncertainty, sparked by rising interest rates, inflationary pressure, and political turbulence, there is now clear evidence that confidence is returning to the market.

In the BR6 postcode area alone, which includes the desirable commuter hubs of Orpington, Chelsfield, and Green Street Green, activity has ramped up significantly. As of the beginning of June, Rightmove reports there are 282 houses actively listed for sale, with a further 239 already under offer or sold subject to contract. That level of sales progression is a meaningful barometer of buyer appetite, and it reflects a broader national trend of increasing market liquidity.

Driving this resurgence is a 13% month-on-month jump in new listings, according to data from Rightmove, which has handed buyers much-needed choice. During the winter and early spring months, stock levels were constrained, frustrating would-be movers and contributing to a stalemate in many local markets. But with sellers increasingly confident in achieving realistic asking prices, the floodgates have started to open. For estate agents on the ground, this is a marked contrast to the inertia seen during the second half of 2023.

What’s different now is the sentiment. Market watchers, including Zoopla, report growing optimism among both buyers and sellers. Zoopla’s latest market survey shows that 53% of estate agents nationwide now say buyer confidence has either slightly or significantly improved in the last three months. That shift in sentiment is no small matter. In a market driven as much by psychology as economics, consumer belief in stability and future value underpins transactional volume.

This uptick in transactions is also supported by a stabilisation in mortgage rates. While not at the rock-bottom levels seen in 2021, rates have settled into more predictable territory. The Bank of England’s decision to hold the base rate steady at 5.25%, and hints that cuts may be considered later in the year if inflation continues to fall, have further strengthened the outlook. Lenders have responded by launching more competitive fixed-rate products, some now dipping below 4.5% for five-year deals, providing crucial affordability relief for borrowers.

Economically, the UK is in a better position than it was 12 months ago. Headline inflation has dropped from its double-digit peaks to around 2.3%, according to the Office for National Statistics (ONS), easing the pressure on household finances. Wage growth is beginning to outstrip inflation in real terms, improving affordability. While the cost of living remains high by historic standards, the combination of earnings growth and falling energy prices has bolstered consumer confidence.

Locally, areas such as Chelsfield Park are benefitting from these tailwinds. The combination of green space, large plots, excellent schools, and rail access to London Bridge in under 25 minutes makes BR6 especially attractive to family buyers migrating out from the capital. Recent years have seen significant price appreciation—up 15.3% in five years and 47.2% over the past decade, according to Land Registry data—yet demand remains resilient due to the scarcity of homes in premium estates like Chelsfield Park.

For sellers, this is a timely window of opportunity. Many buyers who paused their searches during 2022 and 2023 due to interest rate fears are now returning with renewed urgency. The traditional spring bounce, often delayed by early-year caution, is now in full swing. Properties presented well and priced accurately are moving quickly, with competitive bidding still emerging for the best-in-class homes.

At Langford Rae, we are seeing these trends play out first-hand. Valuation requests are up markedly from earlier in the year, viewings are increasing week-on-week, and offers are being made more swiftly than at any point in the last 18 months. That doesn’t mean the market is without its challenges—buyers are still price-sensitive, and overpricing will result in stagnation—but it does mean that properly marketed homes have a strong chance of selling promptly.

One must also consider the upcoming general election, which tends to introduce a note of caution into the market. However, given that many buyers are motivated by life-stage needs—such as upsizing for growing families or relocating for schooling—transactional urgency can often outweigh political hesitation. Moreover, any potential changes to housing policy or taxation are unlikely to take effect until well into 2026, making the current environment relatively benign for movers.

What is clear is that the market has shifted gear. While we are unlikely to return to the frothy highs of 2021, the fundamentals now support steady activity for the remainder of the year. Pent-up demand, more stable financing conditions, and increased supply have created a balanced dynamic that favours well-informed, proactive participants.

Sellers contemplating a move would do well to act while this momentum holds. Buyers are back, rates are manageable, and the competition is healthy—but not yet overwhelming. As always, success will come down to a combination of presentation, pricing, and partnering with an agent who understands the local nuances.

Source: Dataloft by PriceHubble (Poll of subscribers), Zoopla, https://www.rightmove.co.uk/news/articles/property-news/, https://www.zoopla.co.uk/discover/property-news/, https://www.bankofengland.co.uk/, https://www.ons.gov.uk/, https://www.gov.uk/government/statistical-data-sets/price-paid-data-downloads