Interest rate hold sparks 'buyers market' in May: MAB

However other areas, such as the South East and South West, saw activity remain relatively lethargic in terms of buyer demand with some sellers struggling to get their homes under offer.

MAB says that those regions which did see a boost in buyer activity reported that the decision to hold interest rates at the beginning of the month did assist with consumer confidence levels.

Brian Murphy, head of lending at Mortgage Advice Bureau, commented: "Anecdotally many advisers believe, having spoken to clients who were keen to arrange a mortgage in order to purchase, that there had been a degree of ‘wait and see’ at play since the beginning of the year, yet with rates holding, many decided that now was as good a time as any, having delayed making a decision for so long.

"However, when we look on a more regionalised basis, the differential in pricing does become more apparent. In the Midlands, Yorkshire and Scotland for example, realistically priced properties are, in some conurbations, still selling within days. However, there is also a degree of market stagnation elsewhere. This is because vendors in some areas are pricing ambitiously, due to the low levels of properties on the market, yet because of affordability factors buyers aren’t able – or prepared – to pay the full amount, leading to some homes sticking on the market for some time, even in an environment where normally one would expect properties to sell in a reasonable timeframe given the reduced level of competition.

"In summary, we would suggest that buyers are still very much in evidence in many parts of the UK, and as per the old adage, “everything sells at the right price”. Therefore, the key in the current environment for those who are hoping to sell, even where sentiment is positive and consumer confidence is strong, is to keep expectations realistic.”