A prominent lettings and sales agency says there’s been a dramatic 54 per cent slump in sales this year. 

Research from Barrows and Forrester shows that throughout the first five months of this year, 147,223 homes sold across England and Wales for an estimated £52.5 billion in total. 

This marks both a 54 per cent drop in transactions and a 57 per cent reduction in the total market value of homes sold when compared to the five months prior. 

Barrows and Forrester analysed sold price data from the Land Registry looking at the level of completed transactions between January and May of this year, plus the total estimated market value of these transactions, and how this level of market activity compares to the five months prior – that is, August to December 2022.

The research shows that 147,223 property sales have completed across the market in England and Wales since the start of the year, some 54 per cent fewer than the same time period prior. 

It’s a similar story in each region with both transactions and total market values of homes sold falling by more than 50 per cent.

Managing director of Barrows and Forrester, James Forrester, comments: “While the property sector is incredibly fragmented in nature, we’ve seen a worryingly consistent performance across the board when it comes to the reduction in market activity so far this year. 

“Not only has there been a drop in the average price a home is selling for across every region, but we’ve also seen transaction levels more than half compared to the back end of last year. 

“As a result, the total market value of homes sold has taken a significant hit and this demonstrates the reversal in fortunes that sellers now face, with fewer buyers fighting it out for available stock and doing so at a lower price point than previously.”