The number of homes for sale per member branch has risen by 50% since April, increasing from 20 to 30, the latest data from Propertymark shows.

Data found that the number of new applicants registering per member branch held steady at 83 in September, up from the summer dip.

The number of agents reporting the average price agreed at or above the asking price has fallen to 48%.

Propertymark says this suggests some of the intense heat is coming out of the market, however, the figure is still well above the pre-pandemic average of only 22%.

Meanwhile, the number of new buyers registering per member branch in September held at 83.

Numbers registering were up slightly last month over July, which Propertymark says indicates the start of an uptick for the autumn season.

While the pickup has held, it has not increased any further, with Propertymark suggesting there may be some hesitancy among new buyers given rising interest rates.

For the lettings market, the number of new tenants registered reached a new peak at 147 on average per member branch in September but supply of available homes to rent has not risen in the last four months.

An average of 147 new applicants were registered per member branch in September. This number has continued to rise despite the recent rise in rents.

Propertymark chief executive Nathan Emerson says: “The sales market is continuing to rebalance after the intense demand of the past two years. The number of new instructions was up slightly in September with new buyers registering with our member agents remaining the same, and they’re being more cautious with sales agreed at or above asking prices coming down albeit from a very high bar.”

“Sellers will need to be more realistic about the price their home will achieve as the uncertainty of the wider economic landscape begins to cool the previously very hot market, while at the same time remembering prices have risen by 20% since pre-pandemic.”

“The rental market continues to be fueled by high demand and low supply. The number of our agents reporting rent increases is down but the UK-wide reform of this part of the market is continuing to affect the sentiment of landlords.”

“Add into the mix rising costs that are impacting their annual yields means we do not anticipate an end to affordability issues until we see many more homes introduced to the market.”