A general election, interest rates, mortgage rates and the European Championships… a perfect storm of economic, political and social issues have come together to continue to strangle the property market according to the latest Landmark Property Trends Report for the second quarter of 2024.
The report tracks property listing volumes, Sold Subject to Contract (SSTC) numbers, searches ordered and completions and benchmark current numbers against 2019 data; the last time the property market was in a broadly “normal” cycle.
Podcast host David Opie is joined by Managing Director of Ochresoft Rob Gurney, and Managing Director of Landmark Estate Agency Services Ben Robinson to discuss the results of the latest report which identifies listings being 6% up on 2019, SSTC 32% down on 2019 levels, and completions some 40% down.
It all points to a disconnect between the start of the transaction, which is positive with more properties coming to market and more choice, and the end of the transaction.
‘The property market is not like a waterfall flowing freely from top to bottom.”
says Rob Gurney
“Rather it’s much more like a bottle of ketchup, needing intermittent taps to encourage progress, with a splurge of completions anticipated soon.”
When exactly that will be remains up for debate.
“The Summer holidays has traditionally seen a slowdown in property activity before ramping up in the Autumn”
adds Ben Robinson.
“Most of the reasons we’ve seen for the property market being held back seem to have been alleviated,’
concludes Rob Gurney. Watch this space…
CLICK HERE to review the Landmark Property Trends Report Q2 2024
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