Although there were concerns that transactions would halt in a high inflationary environment, the latest OnTheMarket data shows 60% of properties were sold subject to contract (SSTC) within 30 days.

The latest property sentiment index says this demonstrates that motivated vendors who priced their homes accurately could still transact.

The latest figure represents an increase from the 42% recorded in November when the fallout of the mini-budget rocked the market. It is also up on the 53% recorded in December 2021, a time when the market was more buoyant.

Meanwhile, 73% of buyers were confident they would purchase a property within the next three months, a 1% decrease from the 74% in November.

Confidence remained among sellers with 64% confident they would sell within the next three months, up 1% from the 63% in November.

OnTheMarket chief executive officer Jason Tabb says: “House price indices suggest that property values are nudging downwards but while there is plenty of speculation as to how far these may fall, agents are more concerned about transaction numbers.”

“There are still deals to be done and evidence suggests that serious buyers and sellers continue to engage with each other despite macro-economic headwinds.”

Tebb explains that making sure properties are priced well by taking advice from an experienced local agent who knows the local area inside and out “is going to be more important than ever as the market becomes more challenging against the backdrop of a higher cost of living and rising interest rates”.

As fixed-rate mortgage pricing continues to edge downwards with several lenders reducing rates, Tebb suggests this may help “restore positivity” in the market.

Previous expectations of the base rate peaking at 6% or even higher “are now looking wide of the mark”.

Tebb says this alongside the Prime Minister Rishi Sunak vowing to bring inflation under control, “buyers may be more confident that the recent mortgage rate volatility is behind us”.

He highlights that December’s data “demonstrates yet again that there will always be those who need to move, but properties need to be priced effectively if there is to be a realistic market for those who are serious about buying and selling in 2023”.