Demand keeps getting weaker, but new supply is also getting lower every week. The market is shrinking and sellers and buyers are both thin on the ground. Sellers outnumber buyers, but not by a wide margin in the majority of areas.

Normally when prices start to go down, we get a flood of anxious sellers who want to dispose of their properties before prices get lower still. This is what we saw between April and July, but almost all those sellers have now gone. What is now ailing the market is a lack of motivation, both to buy and sell. In this situation prices are likely to drift lower, but not at a fast pace. In fact with the likelihood of even less supply in November and December, we could possibly see some price stabilization. This would leave us at the end of 2022 at roughly the same pricing level as the end of 2021.

Market insights provided by the Cromford Report.