"Something needs to change"

Tomer Aboody, director at MT Finance:

“Although property prices still managed to rise slightly over the past year, these figures illustrate the reduction in buyer confidence.

“As the market gets to grips with constant negativity in terms of rising interest rates and high inflation, we will see a slowdown in property transactions.

“Something needs to change in order to inject some fuel into the market, as sales volumes are nearly half what they were this time last year.

“The property market is the backbone of the UK economy and can’t be allowed to grind to a complete halt."