Landmark’s latest Residential Property Trends Report for Q4 2024 is now available. This comprehensive analysis explores the property transaction landscape in England, Scotland and Wales, offering an insightful overview of key market dynamics, including listings, SSTC/SSTM, searches ordered and completions.
Potential market bounce–back if economic conditions improve
Our data for Q4 ‘24 confirms that 2024 achieved a stable but depressed market that lagged behind pre-pandemic levels. However, the healthy listings supply throughout the year illustrates strong home mover appetite and the potential for the market to bounce back quickly should economic conditions improve.
The disparity between supply and demand continued in Q4 ‘24. Listings volumes were up 8% compared to Q4 ‘19 in England and Wales, while Sold Subject to Completion (SSTC) volumes were down 33% for the same quarter as affordability constraints are likely hampering progress through the pipeline.
As we have seen previously, Scotland demonstrated the positive impact that a streamlined transactional process can have, with Sold Subject to Missives (SSTM) volumes and completions both trending upwards in Q4 ‘24. Although house prices and taxation rules differ, there is still much England and Wales can take from Scotland’s approach.
Other key findings from Q4 ‘24 include:
- Listing volumes in England and Wales were up 8% in Q4 ‘24 vs Q4 ‘19. In Scotland, listing volumes were up 5% in Q4 ‘24 vs Q4 ‘19.
- In England and Wales, SSTC volumes in Q4 ‘24 were down 33% compared to Q4 ‘19 volumes.
- SSTM levels in Scotland were only down 5% in Q4 ‘24 vs Q4 ‘19.
- Completions were down 37% in England and Wales over Q4 ‘24 vs Q4 ‘19.
- In Scotland, completions were down just 13% in Q4 ‘24 vs Q4 ‘19.
Download the report to discover the latest trends impacting the residential sector in Q4 2024.
This article was submitted to be published by landmark as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
