Demand for property remains high despite the recent economic turmoil, according to Dacre, Son & Hartley.

The Yorkshire estate agency reports that it agreed sales on more than 100 residential properties in October, suggesting that those who are in a possession to purchase a home are happy to do so – if the price is right.

Various reports show that new buyer demand has dropped sharply in recent weeks, and that is reflected by a general slowdown in housing market activity.

Zoopla recently reported that home buyer demand had dropped by a fifth – 21% – since the recent mini-Budget announcement, while supply has increased as some worried property owners seek to exit the housing market.

According to Zoopla, which carried out the research based on their own data, the drop in demand was greatest in West Midlands (-28%) and South East (-24%), and lowest in Scotland (-11%).

The property portal also recently said that asking price reductions have increased as sellers adjust pricing – 4% of homes have asking prices reduced by more than 5% (over £18,500 on average).

But the level of price reductions remains below 2018 levels as full price impact of weaker demand will take time to feed through.

The fourth quarter of the year faces a hiatus of new buyers as those who have not secured cheap finance step back from market. But Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 21 offices in West and North Yorkshire, remains positive.

He said: “Rising interest rates have made it tough for anyone looking for a new fixed-rate mortgage in recent months, but it seems most lenders had already priced the latest rate hike into their deals. As a result, most experts now expect fixed-rate deals to begin to fall.

“Despite what’s happening in the mortgage markets, supply and demand remains a key factor for the property market and we agreed more than 100 sales in October, even after the disruption caused by the mini-budget.”