Properties are remaining unsold, making this the slowest August since 2013, research claims.
Analysis by property website Home.co.uk found that the typical median time on the market – defined as how long a listing has been unsold – for properties in England and Wales hit 93 days this month, nine days longer than in August 2018.
August is only halfway through but for the Home website, ‘August’ means a snapshot of data taken on August 5 – so effectively the findings relate to July.
The worst regional slowdown was in the east of England, with typical time on the market up 14% to 82 days, while the east midlands saw a 13% increase to 80 days.
In London, typical time on the market is almost double what it was in August 2014.
New stock was down in most regions while total sales supply in England and Wales declined 3.6% annually.
This was attributed to vendors being more cautious and has helped boost property listing valuations, Home said.
Its data showed average asking prices in England and Wales were up 2.8% annually and fell just 0.1% on a monthly basis in August to £201,849.
There were some regional differences, with asking prices down 3% annually in the east of England
Doug Shephard, director of Home.co.uk, said price corrections were taking place in the east, south east and south west of England.
He said: “Price falls in some regions are being countered by growth in others and hence the national average figures remain relatively benign for a post-boom period as we are experiencing.
“Low mortgage interest rates mean that there are few forced sales and this helps ensure that supply remains under control.”
The lack of sales activity in prime central London is echoed by new Strutt & Parker data showing transactions there are now 45% below 2013 levels.