There were approximately 272,000 sales agreed during Q3 of 2023, marking a fall of 9.7% compared to Q2, according to TwentyCi’s latest Homemover Pulse.
The average asking price of property coming to market stood at £431,000, down 3.6% in Q3 compared with Q2.
There was a 16% increase in the number of asking price reductions, while time to sell rose to an average 62 days.
TwentyCi also reported a 13.3% rise in fall-throughs, with price changes increasing by 16.3%, and withdrawn properties increasing by 12.8%.
Overall, the market saw a 16% decline in demand, accompanied by a 2.6% rise in stock when compared with 2022.
The lettings market was also significantly impacted by high demand, with rental prices at £1,829 per month.
Colin Bradshaw, chief executive officer at TwentyCi, said: “Affordability has been the biggest issue of 2023.
“Despite the residential property sector weathering some substantial challenges, the property market remains steadfast.
“As we approach the end of the year, the question lingers, will we see the same level of endurance?
“One thing remains certain – the property market’s ability to adapt and evolve is what’s keeping the wheels moving.
“There are some optimistic signs on the horizon with confidence from buyers and sellers on the rise alongside increased competition in the mortgage market.”
