Property website Rightmove said the number of sales agreed between sellers and buyers was just 1% lower last month than in March 2019 as borrowing costs edged down from their leap after the September ‘mini-budget’.
“The market is remaining surprisingly robust given the economic headwinds that have affected movers over the last six months,” Rightmove’s property expert Tim Bannister said.
However, while the total number of agreed sales had improved from being 21% below 2019 levels as recently as January, they remained down 18% when compared with March 2022.
As well as Britain’s high inflation rate, the country’s housing market is facing the challenge posed by the Bank of England’s run of interest rate increases going to back to December 2021.
Real estate agents noted a “significant upswing” in buyer demand for apartments of all sizes, with agreed sales rising 10% from 2019, up from a fall of 11% at the start of 2023.
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