Property transactions drop by a fifth

“A lack of homes for sale rather than a lack of desire from buyers is what is dictating the pace of the market,” says Rightmove, as the UK’s average asking price rises 2.1% in a month.

April's tally of residential property sales was still well above pre-pandemic norms, but the market appears to be easing from its frantic pace.

"The prime London property market is in a sweet spot," declares Knight Frank's research team, as buyer demand bounces back and the supply of homes available to buy picks up.