More sales are continuing to completion than in the last two years as the market begins to level out, Spectre’s latest Market Report has found.
While the rate climbed to 31% in October 2022 – the highest it had been since the first Covid lockdown – Spectre’s data shows this had fallen a significant 10% by the end of Quarter 1.
Heather Staff, co-founder at Spectre, said: “What we’re now seeing is a slower, slightly calmer market, giving buyers the opportunity to fully consider their offers before applying for a mortgage and reducing the likelihood of a sale falling through.”
A larger proportion of properties are now choosing to remain on the market, as withdrawal rates are down 20% on the five-year national average.
Some 24% of reductions this year have had more than one price drop, as the knock-on effect of overpricing continues to impact a shift in consumer mindset.
Staffadded: “This further reinforces that we are entering a less volatile period, with people taking more time to decide what they want and fewer rash, high-pressure decisions.
“Although previous patterns may have favoured sellers, our report shows the market is now transforming into a more level playing field for both sellers and buyers.
“Buyers are being more cautious, and some are therefore putting off purchasing a home until they can comfortably afford it, while vendors are now in a position of moving out of necessity and might not have the luxury of changing their mind.
“This shift in price reductions signifies that the market is stabilising to normal pre-pandemic levels, with year-to-date reduction values within 1% of 2019 figures, rather than declining.”