The latest Property Trends Report from environmental and data business Landmark suggests the property market has settled into a “new normal” around one third below volumes seen in 2019; the benchmark for the report and the last time the property market is considered to have been “normal” before impact of COVID-19 and the turbulence since.
Using data extrapolated from Landmark’s own products and service, the report tracks listings volumes, sold-subject-to-contract (SSTC) numbers, search orders and completion in England Wales. In 2024 much of the data tracked one-third below 2019 numbers suggesting the market is settling into a “new normal” ahead of 2025.
In England and Wales SSTC volumes in Q4 2024 were down 33% when compared to Q4 2019 volumes and are consistently down on average 40% throughout 2024 when compared to the 2019 benchmark. Search order volumes in Q4 2024 were down 18% against Q4 2019 levels and similarly saw the overall numbers track well below 2019 volumes. Completions fell 37% in Q4 2024 against Q4 2019.
In line with much of the commentary from around the property sector, the report highlights plenty of reasons to be positive coming into 2025, with the number of properties coming to market 8% up on 2019. A consistently strong supply since the start of 2024 indicates strong seller appetite but, because of socio-economic factors including affordability, fewer transactions are progressing through the pipeline say Landmark.
It augers well for a positive start for 2025; a sentiment shared by professional membership bodies RICS and Propertymark in recent days. Ahead of the end of stamp duty relief for first time buyers in March 2025, the end of Q4 saw an upward trend in search order volumes; albeit there is an artificial bubble of activity before the deadline. The high levels of supply and constricted demand demonstrate, say Landmark show ‘strong potential for the market to rapidly accelerate and generate economic traction if affordability and macroeconomic challenges ease this year.’
Commenting on the report Landmark CEO Simon Brown said
“Our latest report demonstrates a property market that has shown resilience but remains hamstrung by an economy that has parked the industry in a stable but static state.
“The current economy is not conducive to buying and selling. However, the desire to move is clearly there. This speaks of the property industry’s potential to bounce back strongly and quickly if we can find a way to remove the economic barriers and streamline the home buying and selling process.
“Entering 2025, our focus will remain firmly on supporting the latter. We will continue providing insights and innovations that support industry in navigating this complex landscape. Our goal is to support our partners and stakeholders to find opportunities to drive momentum and create a more efficient transaction process.”
The report is the topic of discussion in the first Today’s Conveyancer Podcast of 2025 in which host David Opie discusses the latest number with Managing Directors of Landmark Estate Agency Services, and Ochresoft, Ben Robinson and Rob Gurney respectively. Listen in to hear their thoughts…