First, we can see that sales have weakened slightly. In April sales nationwide fell by 13% after adjusting for seasonal changes. In May there was a further decline of 5%. These changes mean that while the annual number of sales at 99,000 in the year to May was 40% up from a year earlier and the highest total since 2007, a decline back towards around the 75,000 of pre-Covid looks likely.
Second, the number of properties listed for sale in seasonally adjusted terms fell by 11% in April and another 5% in May. So, there is no rush from vendors placing properties on the market despite the many anecdotes regarding some investors looking to sell one or two properties to reduce debt.