“The future of the property market, in the short to medium term, will be inextricably linked to our post-pandemic lifestyles.
“The pandemic has thrown the ‘location, location, location’ mantra that applied to the property market for so long into the dustbin of history.
“In the short-term, the Government’s mortgage guarantee scheme will continue to support demand among first-time buyers, and this will ripple up through the market and maintain a certain level of transactions.
“We’re not expecting a material fall in prices in the short- to medium-term, as supply is so low and money cheap, but a minor correction may be on the cards.”
George Franks, co-founder of London-based estate agents, Radstock Property said May was a “month of two halves”.
He said: “The first half was extremely busy as there was still a chance to purchase before the June stamp duty deadline.
“The second half of May and first week of June have been quieter, perhaps due to sunny weather, half term or everyone fleeing to Portugal.