Home.co.uk’s Asking Price Index for December has revealed that the unsold sales stock count for England and Wales plummeted by around 30,000 properties during the last month, making the current total 465,129 - the largest such fall since December 2019.
As a result, agents’ portfolios have been thinned out, reducing the national stock level despite increased supply. Pricing remains tight, however, with all regions indicating average price reductions, the magnitude of which is more than merely seasonal. Vendors are clearly motivated and therefore pricing competitively.
Overall, the vital signs of the UK property sales market confirm that it is operating normally. Property throughput is currently higher than many of the pre-COVID years. Room for further price growth appears limited due to affordability constraints.
Average asking prices in England and Wales remain notably lower than the peak pricing observed in the summer months of 2022 and have continued their seasonal decline, falling by 1.0% since last month across England and Wales, while annualised home price growth reduced to just 1.7% overall.
