The Q3 2023 edition of Landmark’s Property Trends Report is now live. This report reviews the latest cross-market activity taking place within the residential market.
Healthy listings make way for a flat but stable pipeline
It’s safe to say that the residential sector remains static. Despite listings filling the transaction pipeline – with England and Wales 1% up on activity seen in 2019 and 4% up in Scotland – subsequent metrics show that supply isn’t progressing at the same levels.
With the exception of supply, our latest figures paint a clear picture of a muted pipeline across the board. In England and Wales, SSTC levels were down 36%, search order volumes were depressed by 39% and completion figures were 35% lower when compared to figures from Q3 2019.
The picture is a little better in Scotland. When compared to Q3 2019 activity, our data found that STTM levels were down 22%, completion activity dropped by 18% and registered sales reduced by 7%.
Simon Brown, CEO, Landmark Information Group commented:
“Over the past 12 months, the property market has felt the impact of several socio-economic shockwaves. The mini budget, sticky levels of high inflation and interest rates, as well as the broader cost of living crisis, have all fed into the current sector-wide slowdown.
“However, rather than the market building back some conservative growth – as we saw following other recent downturns – we seem to be entering new territory: the usual post-summer bounce back hasn’t materialised, and few people can remember the market being this muted for so long.
“The movement of money appears to be controlling the market, creating a surprisingly flat position with little fluctuation over the last few months at low market volumes. We haven’t seen the market behave in this way before – we are in unprecedented territory.”
Click here to the Cross-Market Activity edition of Landmark’s Q3 2023 Residential Property Trends report.
NB: As ever, this report benchmarks our latest data with 2019 as the last ‘normal’ trading year.
To access the full Cross-Market Activity edition of Landmark’s Q3 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.
