Rising borrowing costs and budget uncertainty is dampening buyer activity despite healthy stock levels and asking-price reductions said Landmark in their latest property market overview.
The group’s Q3 2026 Residential Property Trends report shows a housing market in England and Wales that remains “subdued but steady.” The report, which tracks listings, sold-subject-to-contract (SSTC), search volumes and completions, suggests the improvement in buyer activity seen towards the end of the first half of the year has not been sustained into the third quarter, despite property listings remaining steady, at 2% lower year-on-year across Q3 2026.
In the week property portal Zoopla suggested there was improved affordability, Landmark add its own data suggests more favourable buying conditions; September listings matched September 2025 levels. Ex-rental properties entering the market are also contributing to availability, and existing stock continues to provide buyers with a “healthy choice of homes.” At the same time, asking-price reductions are helping to improve affordability.
Property data provider Sprift’s own Sales Market Intelligence report appears to support these assertions, with new listings across Great Britain up 14.8% on August 2026.
But this is not translating into buyer activity. SSTC volumes averaged 11% lower year-on-year across Q3 2026. Although agreed sales increased between August and September in absolute terms, that increase was weaker than last year’s, suggesting that buyers are increasingly hesitant before committing to a move as rising borrowing and wider uncertainty weigh on their decisions.
Sprift say agreed sales fell 16.1% to 89,192. The resulting conversion rate of 41.9% was down 15.4% in a single month.
Drawing on data across the Landmark business the Q3 trends report suggests borrowing costs remain an important factor in affordability. Mortgage valuation volumes were 7% lower year-on-year in August, with the year-on-year shortfall narrowing to 2% in September.
Simon Brown, CEO, Landmark Information Group, said: “The market remains subdued, and there is little in this quarter’s data to suggest that will change in the near term. People still want to move, but borrowing costs and continued global uncertainty are weighing on their decision to do so. Speculation around possible property tax changes ahead of the Autumn Budget adds to that caution.
“Longer transactions in a quieter market make the need for reform even clearer. Buyers and sellers need reliable information earlier, and professionals need to work together to resolve issues before they delay a move. Landmark’s Sales Pack Ready brings searches and condition information to listing, while LandmarkConnect’s digital hubs help connect the professionals involved. These are practical steps towards the change championed by the Project 28 Charter and the Government’s reform roadmap. Overall, success must be measured by shorter transactions and greater certainty for buyers and sellers.”
For conveyancers, a “weaker summer than is typical” saw search order volumes 12% lower on average year-on-year across Q3 2026. The group added the expected build in search order activity through September did not materialise, leaving the market entering the autumn without its usual seasonal uplift. Elizabeth Jarvis, Divisional Director of Legal and Search, Landmark Information Group, suggested market conditions are giving “little incentive” for buyers to commit to transactions.
Despite completions in Q3 2026 being down 7% compared to Q3 2025, there is no let up for conveyancers said Rob Gurney, Managing Director of Ochresoft: “Fewer cases do not necessarily mean a lighter workload for conveyancers. The amount of work required within an individual transaction continues to grow, so lower market activity is not delivering the shorter timescales consumers expect.
“At the same time, firms need a steady flow of new instructions to sustain their businesses. Less incoming work alongside increasingly demanding transactions puts pressure on conveyancers, while the gap between consumers’ expectations and their experience of moving continues to widen. A quieter market will not resolve these delays on its own. Improving how information is shared and reducing duplication within the transaction process must remain a priority, helping conveyancers progress cases more efficiently and give buyers and sellers greater certainty.”
