Although immediate buyer urgency has stalled, a net balance of +15% showed a greater commitment to move over the next two years, which is on par with autumn 2021.

Lack of stock remained an issue with more than half of buyers significantly impacted. This was most pronounced at the top end of the market.

For most buyers, the amount they plan to spend on their new home hadn’t changed. Almost a third (29%) stated that they had reduced their budgets. This was most true for those more reliant on borrowing, including half (50%) of those wanting to get onto the property ladder, and 44% of upsizers.

In the prime market, downsizers, relocators and investors have the lowest requirement for debt.