Commenting on HMRC Property Transactions data which showed that the number of UK transactions in April 2023 was 82,120, 8% lower than the previous month (March 2023), Nick Leeming, Chairman of Jackson-Stops, said:

“The volume of property sales we’re now seeing are a continuation of the twists and turns of the past three years. Although transaction levels have become more subdued in recent months and borrowing has become more challenging at the lower end of the market, mortgage lending is still happening and those that need to move will continue to do so.

“A rebalanced market that is more equal and doesn’t play to favourites, is one that will be more resilient in the long-term. While sellers remain in a strong position, able to command much more for their homes than would have been thought possible pre-2020, it is now the turn of buyers to operate on a much more even playing field.

“Downsizers are a growing buyer type that the market must take into greater consideration, however. More than three in five (61%) buyers over the age of 65 are buying property without a mortgage, with baby boomers now being the largest proportion of the UK population. This part of the market will be absolutely vital in keeping the cogs turning for residential transactions, opening up suitable family houses for everyone to benefit from.

“Looking at figures from Jackson-Stops national branch data which operates in the mid to high end market, new applicants are up by more than a third on an annual basis, and this could be a trend that is set to increase to the summer, with downsizer hotspots like the South West still seeing buyers significantly outnumber sellers 9 to 1.”