While 74% of buyers in November remained confident that they would purchase a property within the next three months, seller confidence dipped by 19%, the latest data from OnTheMarket reveals.

While there are signs that the market is resetting, OnTheMarket chief executive Jason Tebb suggests it is doing so in a “reassuringly measured way, rather than moving drastically”.

The index found that 63% of sellers were confident they would sell their home within the next three months in November, compared to 82% in October.

On a regional basis, every area saw a drop in seller confidence, with the largest fall in the South East, dropping from 83% to 58%.

Tebb says this reflects the added challenges of getting a mortgage to afford relatively higher-priced properties.

Confidence in the medium-term has strengthened with 27% of sellers confident they would sell their properties within the next six months, an increase of 14% compared to October.

While it may take longer to find a buyer compared to a year ago, 42% of properties were still SSTC within 30 days of first being listed in November.

This figure was down compared to 53% in November last year, but Tebb highlights that today’s market is proving to be “pretty resilient” as there was comparatively less stock on the market then. It suggests this points towards a rebalancing, rather than a severe correction.

With the fallout of the mini-budget, combined with the season factors, Tebb explains that it’s “unsurprising” that consumers feel less confident in the short term.

However, the chief executive says that short-term worries will not necessarily translate into longer-term concerns.

Tebb says: “As the market continues to rebalance, those serious about selling in the meantime must remember the value of an experienced local agent and the importance of realistically pricing their home. This will ensure they market their property at the right price initially, with the transaction steered through to successful completion, even if it does take a little longer.”