The report shows that overall market activity significantly slowed down in Q2 with 248 properties completing, whilst only showing a 1.2% decrease from the previous quarter this is 42% down from Q2 2022 and excluding the new builds in both quarters would actually be down 62%.

It's been reported that 28% of property transactions were not purchased to be a main residence of the purchaser.

The average property price was £666,000, essentially unchanged from the previous quarter with a small 0.8% uplift.

Consistent with Q1 2023, a significant proportion of transactions (45%) took place as a result of completions occurring in new developments. Many of the properties were sold off-plan at prices that are now below the current market value. These sales have therefore both inflated the level of turnover in this quarter and increased the average prices for flats.

Q2 2023 has seen the lowest turnover of properties since at least 2002.

On a rolling four-quarter basis, advertised private sector rental prices were 7% higher during the year ending Q2 2023 compared with the year ending Q2 2022.

For further property market updates, sign up to Maillard & Co's monthly newsletter M&Co Insights by clicking HERE.