Newly instructed properties across the country dropped by 10 per cent in August compared to July’s numbers, according to Homesearch.
The company, which focuses its services on helping agents target specific homes to win instructions, says new sales instructions were down eight per cent month on month, while new lettings instructions were down a higher 14 per cent.
Homesearch chief operating officer Sam Hunter says: “A drop in new instructions in August is typical of a traditional late summer market but it does focus attention again on the available stock ‘crisis’ we’ve been watching unfold throughout 2021.
“We expect more activity into September as people make the decision to ‘be in for Christmas’ but for the sales market, it’ll be down to the best agents to facilitate both sides of the move.”
Homesearch say sale agreed numbers were also down nine per cent from August to July, and 19 per cent fewer properties had price reductions too.
Hunter continues: “Those two statistics combined are the most interesting for me. Lots of agents, vendors and would-be purchasers, may have been on holiday in August, so those crucial conversations might’ve been delayed. Or perhaps we’re seeing the start of a market suffering from over-valuing. September's data will be key in getting closer to the truth.”
Overall, asking prices held steady, albeit slightly lower, with a -0.41 per cent change in the average asking price of sale properties, and a -1.33 per cent change for letting stock.
Hunter concludes: “These numbers reflect what we’d expect from a market that’s stabilising after an extended period of substantial growth. There are still plenty of motivated buyers and sellers out there. Couple that with good agency practices and we expect a bumper Q4.”