The number of property sales this year has fallen dramatically compared to the same time last year as financial problems driven by the cost-of-living crisis and turmoil in the financial markets continue to bite.

Research by estate agency Nested reveals that while there have been almost 77,500 homes sold across England and Wales so far this year, this is 58% fewer than the 171,000 sold during the same time last year.

LAND REGISTRY

It analysed sold price data from the Land Registry looking at the number of homes to have sold so far this year (January to Mararch 2023 – see table), where across the nation the most homes have sold and how this differs to the same period last year.

Regardless of total homes sold, every single area of the market across England and Wales has seen a decline in market activity when compared to the same period last year.

Across England and Wales as a whole, 76,489 property sales have completed during the first quarter of this year. This is 104,450 fewer when compared to Q1 of last year, marking a year-on-year dip of 58% in market activity.

REGIONALLY

Regionally, the South East has seen the most homes sold so far in 2023 at 12,822 – but still 58% fewer than last year.

Alice Bullard, Managing Director at Nested, says: “The higher cost of living, increasing interest rates, a disastrous mini budget and the resulting turbulence seen across the mortgage sector all had a significant impact on buyer demand levels during the closing stages of last year.

“What we’re currently seeing is the knock on effect from this reduction in market activity, with the lower level of sales agreed now reaching completion.

“The good news is that the industry has widely reported an uplift in activity almost immediately in 2023 and so while we’re yet to see this materialise in terms of actual homes sold, we can expect to see an uplift over the coming months as these sales finally reach the finish line.”