Number of new sales listings rise by 18%

The number of new sales listings in England and Wales rose by 18% week-on-week in the seven days to 6 March, the highest rise since June 2020, according to Knight Frank.

As well as this, the number of new prospective buyers in February was 8% higher than the same month last year.

The quantity of enquiries via the internet, listings portals and social media reached its third highest level in more than a year in the first week of March.

Average property prices rise marginally between February and March

The estate agency outlined that the property market is on the verge of a robust period of activity as the impact of the pandemic slowly begins to fade.

Knight Frank added that it believes the rise is attributed to the announcements during the Budget, the re-opening of schools, the vaccine rollout, and the government roadmap of relaxing restrictions.

Tom Bill, head of UK residential research at Knight Frank, said: “Circumstances are conspiring to produce an active few months in the UK housing market.

“While the stamp duty holiday extension, the re-opening of schools and vaccine rollout are driving supply and demand higher, the prospect of summer holidays will inject further urgency into the second quarter of the year.”