The conversion rate of property sales in Great Britain reached a six-month high in August, according to Sprift’s latest Sales Market Intelligence Report. The national conversion rate increased by 2.7 percentage points to 57.3%, marking its highest level since February.
This rise occurred as new listings across Great Britain fell by 11.6% to 185,595. Sales agreed also dropped, but by a smaller margin of 7.2% to 106,296. Fewer sellers also reduced their asking prices, with price reductions affecting 27.2% of new listings, down from 31.3% in July.
A significant regional divide remains, with Scotland recording the highest conversion rate at 74.8%. The North East followed at 64.3%, and Wales at 62.7%. In contrast, London had the lowest conversion rate at 40.8%, which is 34 percentage points below Scotland.
London also has the largest backlog of unsold August stock, with 13,157 properties remaining unconverted. Pricing pressures are particularly evident in southern England, with the South East recording the highest proportion of reduced listings at 43%, followed by London at 41.2%.
Matt Gilpin, founder and CEO of Sprift, noted that August highlights two very different markets, with Scotland converting almost three in four new listings compared to London converting two in five. He added that vendors pricing realistically are securing deals, as buyers have become harder to please.