Analysis of Stamp Duty has revealed that house sales in Rossendale are shrinking at one of the highest rates in the country.

Sales in Rossendale in January were at 43.62 per cent of the total sales in the previous month, with a total of 94 sales being processed.

Ribble Valley also has a lower level of competition, with sales at 45.31 per cent compared with the previous month.

With the Royal Institution of Chartered Surveyors Residential Survey for May stating that new buyers have fallen from +8 per cent to -7 per cent, the first fall in eight months it seems like the housing market is beginning to slow down following its rapid explosion post-lockdown.

While the market may appear to be cooling off, however, demand is still outstripping supply, meaning it’s still a seller’s market and prices aren’t expected to slow down any time soon.

What this means is that the lower competition in Rossendale could make it an ideal opportunity for first-time buyers.

Only 17 local authorities remained the same or saw a rise in sales in the period, with many professionals attributing the reduction in sales to the cost of living crisis and higher interest rates on mortgages.

Warrick Swift, commercial director of Property Inspect said: “While the RICS survey shows that last month was the first time in eight months to see a dip in buyers, summer is typically a popular time for people to move home.

"This could mean that the dip is only momentary and shouldn’t discourage anybody currently looking to sell.

For buyers, the evidence of lower competition in Rossendale could be a strong incentive but the data also shows that price growth is still strong which could discourage first time buyers who are struggling to keep up with rising deposits and interest rates.”