Throughout the first five months of 2023, 147,223 homes were sold across England and Wales for an estimated £52.5bn in total, marking a 54% drop when compared with the five months prior, research from Barrows and Forrester has revealed.
Barrows and Forrester analysed sold price data from the Land Registry, looking at the level of property transactions completed between January and May of this year, the total estimated market value of these transactions, and how this level of market activity compares to the five months prior.
147,223 property sales completed across the market in England and Wales since the start of the year, with the average sold price of these properties dropping by 7%.
The estimated total market value of homes sold so far in 2023 was £52.4bn, 57% below the total market value of homes sold during the previous five months.
Both transactions and total market values of homes sold fell by more than 50% across every area of England and Wales.
The London market saw the greatest decline in transaction volumes, with just 15,638 homes sold so far this year, a drop of 57%.
The East of England (-56%) and South East (-56%) also saw some of the largest reductions in transaction levels.
In terms of total market value of homes sold, the East of England saw the largest decline at -59%, with the South East (-58%) and London (-58%) again placing within the top three.
Despite seeing one of the largest levels of decline in market activity, the South East still ranked top in terms of total homes sold so far this year, with 24,210 transactions completing since the start of January.
The North West (19,275) and South West (16,246) also ranked in the top three in this respect.
The South East was home to the most valuable property market, with an estimated £11.2bn-worth sold so far this year.
Similarly, just over £11bn worth of homes sold across London, with the East of England completing the top three (£6.3bn).
The North East was bottom of the table, but still saw some £1.3bn worth of property sold since the start of the year.
James Forrester, managing director of Barrows and Forrester, said: “While the property sector is incredibly fragmented in nature, we’ve seen a worryingly consistent performance across the board when it comes to the reduction in market activity so far this year.
“Not only has there been a drop in the average price a home is selling for across every region, but we’ve also seen transaction levels more than half compared to the back end of last year.
“As a result, the total market value of homes sold has taken a significant hit and this demonstrates the reversal in fortunes that sellers now face, with fewer buyers fighting it out for available stock and doing so at a lower price point than previously.”
