The Q1 2023 residential edition of Landmark’s Property Trends Report is now live. This cross-market activity report offers the latest data and analysis on residential transactions.
Some signs of recovery but still subdued
The fiscal event in September 2022 is still casting a long shadow over residential transactions. However, peaks and troughs in residential property market behaviour are nothing new in the UK, and a sense of balance always seems to materialise over time. With that in mind, our analysis considers two chronological benchmarks. First, the ‘previous normal’ of 2019, prior to COVID. Second, the market’s response since the fiscal event of September 2023.
The backdrop of economic uncertainty prevails, but we have seen the first signs of recovery in activity with listings volumes strengthening. Overall Q1 ‘23 supply volumes were down just 3% on Q1 ’19, with the good news being that by March ’23, supply volumes had exceeded those in March’19 by 6%.
Pipeline volumes over the coming months will confirm whether or not the trend will continue. Completions were down in Q1 ‘23 – 10% lower than Q4 ’22 volumes – this is likely due to the low SSTC figures at the end of Q4 ’22, carrying over into the first part of the year.
Landmark CEO Simon Brown commented, “‘As the housing market stabilises after the disruptions of last year, consumers’ ability to buy continues to determine market trajectory. While there is still strong appetite among movers, the availability of mortgages and cost-of-living pressures seem likely to play a significant role in shaping market conditions in the near-term. We see a recovery in property listings needing a similar level of mortgage availability for the market to overcome its recent corrections and adjustments.”
To access the full Cross-Market Activity edition of Landmark’s Q1 2023 Residential Property Trends report, download now.
This article was submitted to be published by Landmark Information 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.
