As house prices are set to fall further, sellers may also want to get ahead of the decline.
Economists at Pantheon Macroeconomics have forecast a decline of 8% over the next year, while the Centre for Economics and Business Research (Cebr) said UK house prices are expected to fall by 4.5% on average in 2023. However, this is still unlikely to make property more affordable for young buyers.
The Cebr said that next year is likely to be a challenging year for the UK housing sector, with peak annual contraction of 6.2% expected in the third quarter.
Meanwhile, a study by Bloomberg Economics estimated that house prices may fall by as much as 20% as the Bank of England (BoE) continues to push up the costs of borrowing.