Three in five homes listed since January remain unsold – Zoopla

Flats were the hardest to sell, with two-thirds still unsold. 

Houses with two or three bedrooms were selling at a similar pace to last year. 

Richard Donnell, executive director at Zoopla, said: “Higher mortgage rates have hit sales and squeezed affordability for home buyers alongside increased political uncertainty. 

“The impact is less severe than what the market faced after the 2022 mini-budget, and mortgage rates have started to fall.

“It’s a buyer’s market across much of the South right now, but motivated sellers in northern England and Scotland are still finding buyers at broadly last year’s pace which shows the housing market is not moving at one speed.”

Donnell added: “The national picture can only tell you so much, and local market conditions vary considerably across the country. 

“The most important step, whether you are buying or selling, is speaking to a local agent who knows what is actually happening on your street.

“For sellers still waiting for an offer, the conversation to have is about price.”

He said: “Correctly priced homes are selling, while overpriced homes are sitting. For buyers, rates are falling, there is more choice of homes for sale than a year ago and motivated sellers are willing to negotiate. 

“If you are ready to move, conditions are more favourable than they were three months ago.”

Nathan Emerson, CEO of Propertymark:

“Economic and political uncertainty will always influence confidence, but people continue to move because of changing jobs, growing families, retirement and other life events that cannot simply be put on hold indefinitely.

“Property professionals are continuing to see healthy levels of enquiries and viewings, but many buyers are taking longer to commit and are carrying out more research before making an offer. 

“Confidence has softened rather than disappeared, making realistic pricing and expert local advice more important than ever.

“Today’s figures also reinforce that there is no single national housing market. 

“Conditions vary considerably from one area to another, and local agents play a vital role in helping buyers and sellers navigate changing market conditions and keep transactions progressing.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman: 

“A combination of too much property on the market across various price ranges, as well as continuing uncertainty about the protracted war in Iran and the subsequent impact on the economy, is proving lethal as far as homebuyer and seller confidence is concerned.

“Sales are taking much longer and it is proving increasingly difficult to generate commitment. 

“However, the overwhelming majority of sales which have been agreed are proceeding, although inevitably more slowly and suffering relatively few price negotiations. 

“This is likely to prove the ‘new normal’ at best, looking forward, particularly now that domestic political uncertainty is another factor to consider.”