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New data from the UK’s biggest property website Rightmove reveals that the number of home sales being agreed is now back to its pre-pandemic level for the first time since September, before the mini-budget.

Sales agreed between sellers and buyers are now just 1% behind March 2019’s levels. The recovery is being driven by sales of flats with agreed sales now 10% above 2019 after being 11% down at the start of the year.

This is most pronounced in London, where agreed sales of flats are now 23% higher than March 2019.

The total number of sales agreed have recovered from being 21% behind 2019’s levels in January.

Overall sales agreed have recovered the most in London and are now 11% higher than March 2019, while sales agreed in the East Midlands are taking longest to catch up and are still 11% below 2019.

Across Great Britain, agreed sales are still 18% below the exceptionally busy market of this time last year.

Average mortgage rates have been edging down this year. The average mortgage rate for a 5-year fixed, 15% deposit mortgage was 4.63% in March, down from 5.89% in October.

Meanwhile the average size of price reduction from first to last listing price is also back to its pre-pandemic level of 6%, which is the equivalent of £22,000 based on the current national average asking price. It had dropped to 5% during the pandemic.

A third of properties see a price reduction, which is up from last year’s 19% during the frenetic market, but in line with the pre-pandemic level of 34%.