December 2023 registered the lowest number of buyers and new sales instructions of the year, according to Propertymark Housing Insight report.

The average number of new prospective buyers registered per branch reduced from 49 in November 2023 to 34 in December 2023.

New supply went into freefall in the run up to Christmas. There were on average just five homes placed for sale per member branch in December 2023.

And 35% decrease in the number of market appraisals undertaken (sales). December also saw a 28% reduction in new properties coming to market.

There was a 31% decrease in the number of buyers registered and 63 new prospective tenants registered per member branch.

The report highlighted that rental arrear increased in December 2023 when financial pressures mount for some tenant groups in the run up to Christmas.

As with demand, stock levels have followed downward seasonal trends with a marginal reduction in the number of properties available in December when compared to the previous month.

Nathan Emerson, Propertymark chief executive, said: “December marks the end of an interesting and challenging year within the property market. In the wider economy interest rates have stabilised, however, inflationary concerns remain, and GDP growth has been anaemic. In response to these and other factors, house prices have fallen in some areas. In the PRS, tinkering by the UK and devolved governments and continued strong demand has caused rents to rise. In the residential sales sector, we have reached the trough of the seasonal trend that begins in Autumn and runs to Christmas.

“Key supply and demand indicators, such as the number of buyers registered and number of new sales instructions, are at their lowest points in the year. As we head into 2024, pressures remain on house prices, with further adjustments required to match valuations to market expectations.”