There are growing expectations among sellers that it could take six months to sell their home rather than three months, since the rise in mortgage rates dampened buyer demand.

A survey by online property portal On The Market found that 63% of sellers were confident they’d find a buyer for their home within three months compared to 83% in October.

Meanwhile those who thought it would take six months to sell up increased from 13% to 27% month-on-month.

Chief executive Jason Tebb said: “November’s data illustrates the slowdown in the housing market which many anticipated. Continuing upheaval, challenges in the macro-economic climate and the chatter
around mortgage rates are bound to affect the confidence of average property-seeking consumers.

“There are also seasonal factors to consider. Pre-pandemic, we’d expect the market to slow down at this time of year with thoughts turning towards the festive period rather than house hunting, and properties not looking their best for marketing purposes. As the market continues to rebalance and returns to one more akin to a pre-Covid market, seasonal factors will increasingly come into play.”

All regions experience confidence dip

On a regional basis, every area saw a drop in seller confidence. The largest fall in confidence was found in the south east reflecting the added challenges of getting a mortgage to afford relatively higher-priced properties.

Despite the expectation that it will take longer to find a buyer, 42% of properties were still sold subject to contract within 30 days of first being listed in November.

This figure is down on 53% in November 2021, but there was comparatively less stock on the market a year ago. On The Market says this points to today’s market proving to be resilient, suggesting a rebalance rather than a severe correction.

Tebb added: “As the market continues to rebalance, those serious about selling in the meantime must remember the value of an experienced local agent and the importance of realistically pricing their home. This will ensure they market their property at the right price initially, with the transaction steered through to successful completion, even if it does take a little longer.”