Agency stock levels hit 15-month high

The level of agency stock for sale is at a 15-month high but buyer and seller sentiment is now varying on a regional basis, OnTheMarket (OTM) data suggests.

The portal’s latest Property Sentiment Index highlights evidence of a “rebalancing of the market."

It found that 73% of active UK buyers in August remained confident that they’d purchase a property within three months, down slightly from 75% in July.

Similarly, 79% of sellers were confident they’d sell their home within three months, slipping from 80% in July.

There are, of course, regional variations.

Seller confidence improved in Greater London with 76% in July confident they could sell within three months compared with 85% in June.

In August, that figure recovered to 84%.

Meanwhile, seller confidence receded in the North East, with 77% of sellers in August confident they would move within three months, compared with 83% in July.

There was also a slight dip in OTM's metric of properties reaching sold subject to contract (SSTC) within 30 days.

In August, 54% of properties were SSTC on OTM within 30 days of being advertised for sale, compared with 57% in July 2022, and consistent with 54% when compared with August 2021.

The dip in August 2022 compared with July suggests that seasonality has returned to the market, OTM said.

The portal’s chief executive Jason Tebb said: “As we head into autumn, with the cost-of-living set to continue to rise, the expectation is that there may be less buyer competition for property.

“September tends to be the biggest listing month of the year after May, and with August seeing the highest stock levels since April 2021, this increase in the number of homes for sale may coincide with potentially fewer buyers. Some may decide not to move due to rising costs, whereas six months ago this may not have been the case.

“Despite all the evidence of a rebalancing of the market, confidence would appear to remain among serious property seekers. The resilience of the UK property-seeking public and how they feel about the market is remarkable, yet provides a key indicator in terms of how UK consumers perceive the long-term value of ‘bricks and mortar’.”