The gap between properties listed for sale and those with agreed sales widened considerably in September, according to new figures from property data firm Sprift. A total of 213,048 homes were listed across Great Britain, marking a 14.8% increase compared to August.
However, agreed sales saw a decline of 16.1%, reaching 89,192. This resulted in a difference of 123,856 between new listings and agreed transactions.
The national sales conversion rate fell to 41.9%, a drop of 15.4 percentage points in a single month. This represents the lowest conversion rate recorded this year, excluding December. The slowdown coincided with an increase in borrowing costs, with the average two-year fixed mortgage rate reaching 5.93% by 1 October.
Regional differences were notable, with Scotland recording the highest sales conversion rate at 69.5%, while London had the lowest at 27%. London also saw new listings jump by 28.7%, alongside a 14.8% decline in agreed sales. Larger detached properties experienced a significant increase in new listings, up 36.3% in September, but their sales conversion rate dropped from 51.7% to 31.9%.
Sellers appear to be adjusting expectations, with the proportion of properties undergoing a price reduction rising to 33.3% in September. By the end of the month, 39.3% of all homes for sale had seen at least one asking price reduction. The average time before a price change also shortened in ten out of 11 regions.