Sittingbourne has never had so many homes for sale. Between July and September, an average of 997 homes were on the market each month across the town and the villages around it. That is the highest third quarter figure in six years of data, 13% more than last summer and a third above the Q3 average of 746. September alone saw more than 1,000 homes for sale for the first time.

Buyers did not keep up. There were 342 sales agreed over the quarter, 10.5% fewer than last summer and 7.1% fewer than the spring, and slightly below the six year average. The market is not stalling, but with more homes than ever to choose from, buyers are taking their time.

The national backdrop

Nationally, the market has slowed but kept going. Nationwide reported annual house price growth of 0.8% in September, half the earlier pace, with the average UK home at £274,251. Rightmove found asking prices rose 0.7% in September to £367,440, the first monthly rise in four months, but they are still 0.8% lower than a year ago. Across the country, the number of homes for sale is at a 12 year high, and sales agreed are down 9% on last year.

Sittingbourne’s figures follow that national picture closely. Stock is at a record high and sales are down about 10%, almost exactly in line with the country as a whole.

There were 705 new listings in the quarter, the most in any summer in the data. That is 14.3% more than last year and 23.5% above average. More owners decided to sell this summer, and many of the homes that came to market in the spring were still waiting for buyers.

For every ten new listings, fewer than five sales were agreed, down from just over six a year ago. At the current pace, it would take around eight and three quarter months to sell every home on the market, compared with about seven months last summer and seven and a half in the spring.

This is a market that has moved towards buyers. Sittingbourne has seen a lot of new homes built in recent years, at Kemsley, Iwade, Great Easthall and on the edges of the town, and the resale market now has more choice than ever, from new build family homes to older terraces and village houses.

Prices are softening slightly. New listings came to market at an average asking price of £360,384, 4.2% higher than last year but 1.5% lower than the spring. The homes that sold told a different story. The average asking price of homes going under offer was £336,695, 5.7% lower than last summer and 5.3% lower than the spring.

The £ per sq ft figures show a similar picture. New listings averaged £345 per sq ft, almost unchanged on last year, while agreed sales averaged £341 per sq ft, 3.4% lower. The gap between where homes start and where they sell is widening. Buyers are favouring the more affordable homes and negotiating harder, while sellers are still starting at or near last year’s levels.

The less visible figures show how much pressure sellers are under. There were 359 price reductions in the quarter, 20.9% more than last summer and almost 40% above average. More than a third of homes on the market had a reduction.

Withdrawals reached 389, the highest figure in the data. That is 17.9% more than last year and 43.5% above average. Some owners who could not find a buyer at their price have decided to take their homes off the market and wait.

Fall throughs rose to 93, slightly more than last year and above average. Around one in four agreed sales fell through, up from fewer than one in four last summer. With so many chains involved and buyers watching their budgets closely, sales are a little more fragile than they were.

Sittingbourne has a lot going for it, particularly for families and commuters. Fast trains run from Sittingbourne to London St Pancras in around an hour, with mainline services to Victoria too. The A2, A249 and M2 give quick access to Maidstone, Canterbury, the Medway towns and the rest of Kent. That makes the town popular with buyers moving out of London and the Medway towns in search of more space for their money.

Schools are a big draw. Borden Grammar School and Highsted Grammar School give families access to Kent’s grammar school system, alongside well regarded primary and secondary schools across the area. The town centre has been regenerated around the Spirit of Sittingbourne development, with a cinema, restaurants and new homes. Milton Creek Country Park offers a large green space right in the town. The villages to the south, such as Borden, Bredgar and Tunstall, give a quieter, more rural feel, while the creeks and marshes of the Swale are close by.

For buyers, this is the best choice Sittingbourne has offered in years. With nearly 1,000 homes for sale and more than a third of sellers reducing their prices, you can take your time, compare carefully and negotiate. Homes that have been on the market since the spring are likely to be the most flexible.

With fall throughs rising, it pays to be well prepared. Have your mortgage agreed in principle, a good surveyor ready, and keep your own chain as simple as possible. Sellers will be keen to work with buyers who can move smoothly to completion.

For sellers, the message is clear: you are competing with more homes than ever before. Buyers have plenty of choice and are paying a little less for the homes they buy. The rise in reductions and withdrawals shows what happens when homes start too high.

The homes that sell are those that are priced realistically from the start and presented well. Good photography, clear information about schools, transport and local amenities, and a price based on recent sales rather than what neighbours have listed for will give you the best chance. With fall throughs higher, check your buyer’s position carefully before you accept an offer.

Autumn usually brings a final burst of buyers before Christmas. With record stock and sales below last year, Sittingbourne looks set to stay a buyer’s market for now. But the town’s strengths, its fast links to London, good schools, new homes and access to the Kent countryside, will keep drawing buyers in. Sellers who price sensibly and buyers who are well prepared will both find good opportunities.