Asking prices show slight recovery

Unsurprisingly, the majority of sellers are being deterred by the conditions attached to doing a deal in the current market. There is evidence of buyer appetite at around 25% below peak prices and this level of discount is likely to be a major factor preventing many aspiring sellers from coming to market.

Numbers are down 57%, with only 78,901 new sellers this month compared to 181,840 in the same month last year. In addition, those sellers who have marketed in the last four weeks are showing resistance to the new reality by starting at prices £1,918 (0.9%) higher than the previous month.