Agents have secured 40,000 sales subject to contract since the market reopened in May, Rightmove has claimed, but 175,000 sellers are still missing from the market.
Analysis by the portal said there have been record visits to the website with potential buyers collectively spending more than 955,000 hours on it during June 6th, while the number of home movers emailing and calling agents via Rightmove in England hit a new high on June 8th.
According to Rightmove this has helped the market to recover from sales agreed being down 94% annually when the market closed in March, to a 36% decline between May 13th and June 4th.
Rightmove also claimed buyers are paying 97.7% of the asking price on average, an improvement from 96.6% for sales in February.
However, the number of new listings fell by 175,000 during market closure between March and May when compared to the same period in 2019.
Average asking prices in England for June were up 2.9% annually and 1.9% since March to £337,884, Rightmove said.
Miles Shipside, housing market analyst for Rightmove, 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.
“Lenders may also have been concerned about price instability affecting the risk profile of their low-deposit mortgages, so hopefully this will give them more confidence to increase their range of first-time-buyer products.”