Although the number of properties available to buy is lower than we have seen before in September, it hasn’t dropped since August meaning that just enough properties are coming to market to satisfy demand.

“Just enough…”

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Propertymark September housing report suggests house prices stabilising

In its latest report, Propertymark has stated that the mood has cooled and properties are currently not selling above the asking price at the volume they were earlier in the year, indicative of a cooling phase in the market.

The report states, “In September, the majority of homes agreed sales at the original asking price (47 per cent). This is a shift away from properties predominantly selling for over the asking price in August. In August 37 per cent of homes sold for over the asking price. Conversely, in September, just 27 per cent of properties sold for more than asking price. Before March 2021 it had been the norm for the majority of properties to agree sales at under asking price.”

Propertymark CEO, Nathan Emerson said: “Figures from September tell an interesting story of a market that may be beginning to shift. Sales being agreed has increased, but the number of sales achieving over the asking price has reduced, meaning we may start to see an end to the bidding wars that have been so prevalent. It’s also interesting to note that although the number of properties available to buy is lower than we have seen before in September, it hasn’t dropped since August meaning that just enough properties are coming to market to satisfy demand.”

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