Less than half of all properties (45%) were Sold Subject to Contract within 30 days of first being advertised for sale in March, said OnTheMarket.

The property portal said this was down from 64% a year earlier – a drop of nearly a third.

It added that average prices have softened a little more recently, although noted this was in the context of significant rises over the last year.

Spring confidence boost

Despite the slowdown in sales during the first 30 days on the market, buyers and sellers remain confident.

Over seven in 10 (71%) active buyers in the UK were confident that they would purchase a property within the next three months.

And nearly two-thirds (63%) of sellers said they were confident that they’d sell their property within the next three months. OnTheMarket said the data ‘suggests remarkable resilience in the face of significant macro-economic turmoil and despite considerable headwinds’.

There were regional variations in seller confidence, which slipped in the East of England and Wales last month, but increased in the South East compared to February.

Jason Tebb, CEO of OnTheMarket, said: “As the sun makes a more regular appearance, more properties are coming to market looking their best, and there’s growing expectation as to what the next
few months have in store.

“There is, however, still a need to be cautious; motivated sellers must not get carried away, but be realistic in their pricing and listen to the advice of a professional local agent, particularly if they’re keen to sell within that magic 30-day window.”