Richard Donnell, the CEO of Zoopla, stated that it is currently the best time for homebuyers as there is a greater supply of homes to choose from, and sellers are more willing to negotiate on prices to finalize sales agreements.

Additionally, with Christmas approaching, new home sales are expected to slow down as some sellers withdraw their homes from the market, preparing to relaunch in the new year. Nevertheless, the market is still expected to achieve a sales volume of one million homes in 2023.

Despite buyer demand being 13% lower than in 2019, new sales are still being finalized, with the current total transaction volume 15% higher than the same period last year and 5% higher than the 2019 level.

This indicates that sellers are becoming more realistic, and potential movers are increasingly aware that mortgage interest rates may have peaked and could start to decline in the later part of 2024. This means that homebuyers have the opportunity to secure more favorable mortgage conditions, further reducing the cost of homeownership.

However, it's important to note that market performance varies in different regions. Many areas in Scotland and the inner city of London are still experiencing growing sales volumes, despite these areas showing less market activity in recent years compared to other regions in the UK.

Therefore, for homebuyers, a clear understanding and assessment of the local market conditions are crucial to make informed decisions.