Supply and demand is rising but there is still a shortage of larger properties for buyers, Chestertons claims.
An update from the London-focused agency brand said that although the market has been slightly slower than last year, activity is picking back up, resulting in 5% more properties coming onto the market and 3% more buyer enquiries in May compared to April.
The agency also notes that 10% more offers were made by prospective buyers in May compared to April and 13% more homeowners started preparing to put their property up for sale.
According to the agency’s branches, one and two-bedroom apartments have been in particularly high demand; especially in the capital’s travel zones one to three including areas such as Battersea, Wandsworth, Chiswick and Islington.
Outside of these zones, there is a shortage of larger properties with outside space, which remain highly sought-after, the agent said.
Matt Thompson, head of sales at Chestertons, said: “Many buyers paused to reassess their options at the end of last year and have sat on their hands while watching what the market does.
"Although interest rates have continued to rise, there has not been the big price correction that many commentators forecast and we are now seeing cautious confidence returning to the market with more buyers offering on properties and more sellers coming to the market.”