Some 74% of active buyers in November remained confident that they would purchase a property within the next three months, according to the latest OnTheMarket Property Sentiment Index.

The figure is consistent with October’s data. However, when it comes to seller confidence, the index revealed a noticeable dip; 63% of sellers were confident they’d sell their home within the next three months in November, compared with 82% the previous month.

On a regional basis, every area saw a drop in seller confidence, with the largest fall in the South East (58% in November compared with 83% in October).

However, OnTheMarket observed that the data might not suggest that people are no longer confident about selling – just that they might be less confident about selling as quickly as they were a month ago. In fact, this is reflected in data showing confidence in the medium term has strengthened, with 27% of sellers confident they’d sell their properties within the next six months – an increase when compared to October (13%).

The data also revealed that 42% of properties were still SSTC within 30 days of first being listed in November. While this figure is down on the 53% of November 2021, OnTheMarket pointed out that there was comparatively less stock on the market then (27% less than November 2022), and therefore the data suggests a resilient market is rebalancing, rather than undergoing a severe correction.

“With the fallout from the mini-budget, combined with seasonal factors, it’s unsurprising that consumers feel less confident in the short term,” said Jason Tebb, CEO of OnTheMarket.

“Uncertainty around mortgage pricing and continued rising interest rates are bound to have a knock-on effect on affordability. But it doesn’t necessarily follow that these will translate into longer-term concerns; people move for different reasons and that isn’t going to change, even if market conditions are tougher.”

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.”