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TODAY'S OTHER NEWS

Sales are slow and discounts are up but fall-throughs aren't rising (yet)

Properties are staying on the market for longer and discounts are rising but fall-throughs are not increasing yet, data suggests.

Heather Staff founder of the Street Group, has revealed a range of figures from the brand’s Spectre prospecting tool that show the state of the market and opportunities for agents.

The figures are revealed in an exclusive Estate Agent Today video interview with Angels Media's Lee Dahill.

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Assessing time on the market, Staff reveals that as of 1 June, 40% of listings had gone under off within three weeks but this dropped down to 37% at the start of July and 34% by 18 July.

At the same time, the number of properties on the market in the 20 to 26-week bracket rose from 3% in June to 5% at the start of this month and 8% on 18 July.

Staff said: “We were in a super-hot market in June but we are starting to see signs of the market slowing down and properties taking longer to sell.”

While properties are taking longer to sell, the percentage of reductions have also increased from 13% in January 2022 to 18% in June, according to the figures.

Staff said: “It is frustrating for vendors on the receiving end of this.

“Vendors are more likely to switch agents at certain points, one is a price reduction.

“Seeing that trend upwards should give an indication to agents about going after competitor stock where they have price reductions.”

Despite a slower market, the data shows that fall-throughs remain stable at around 10% per month.

Staff added: “I was expecting it to be going up because of how long the process is taking.

“With the general economic factors and how long things are taking, this will go up.”

Watch the full interview below.

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