As the gradual deceleration of the housing market looms, with surging inflation and augmented mortgage interest rates significantly impacting mortgage affordability, a freshly published report underscores that less than fifty percent of the properties on the market in England and Wales are currently sold subject to status.

The recently released report unveils that a mere 46% of home sellers have consented to an offer, a sharp plummet of fifteen percent from the 2022 average.

Whilst the upsurge in unsold properties could potentially furnish more options and greater bargaining power for buyers, it doesn't spell good news for sellers.

Danny Luke, a veteran property expert whose firm has bought and sold in excess of 6,000 properties over the past twenty-five years, cautioned that homeowners need to adopt a more pragmatic outlook concerning the current property market conditions if they aspire to clinch a sale.

He asserted that many still adopt a sales strategy that is more fitting for last year's market, which was incredibly overheated, with buyers clamoring for limited stock, thereby propelling property prices to astronomical levels.

Luke advises that pricing needs to be less grandiose in the current market, and sellers should have a realistic outlook concerning how long a sale could take.

Last year, properties were frequently snapped up even before they made their debut on online portals like Rightmove and Zoopla, with a plethora of eager buyers contending for the property as soon as it became available. It is now an entirely different narrative, with even highly coveted properties often remaining on the market for several weeks before securing a buyer.

The sluggish momentum of the market is also generating significant property chain issues. Losing a buyer now is substantially more prone to cause the entire property chain to fall apart, as others with connected sales worry about the duration it might take to complete the chain for the second time.

The report demonstrates that sellers are still harbouring high hopes, with a steady stream of properties flooding the market.

However, Luke warns that it is no longer a seller's market, and sellers can't use the same modus operandi they would have employed in 2022.

Estate agents are also striving to assess a rapidly changing market, and so, they may advise listing the property at the higher end of what it might be worth to test the market.

If sellers are keen to secure a quick sale, it's better to entice buyers with a more tempting asking price. If the property attracts significant interest, the price will naturally surge due to competing offers.

Luke concluded: "There are still prospective buyers scouring the market, but sellers can no longer use the same tactics they would have employed in 2022. It's no longer a seller's market."