The Q2 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.
A subdued market struggling with uncertain conditions
The residential sector is still navigating a period of uncertainty. Although listing activity has strengthened this quarter – with June ‘23 outperforming June ’19 by 12% in England & Wales and 10% in Scotland – demand volumes are struggling to progress through the transactional pipeline.
Overall, this trend is likely due to ongoing high interest rates, restricted mortgage availability and affordability being squeezed as the cost-of-living crisis continues to impact the sector.
Landmark CEO Simon Brown commented:
“While there is strong supply in the residential market, the sector continues to be impacted by the cost-of-living-crisis, with mortgage availability and then affordability limiting consumers’ ability to move. We will only see activity flow through the pipeline once the market finds a balance between interest rates, inflation and the cost of housing. When that time comes, speeding up property transactions – which now take an average of 133 days in England and Wales – will be essential to ensuring a swift and sustained recovery.”
Click here to the Cross-Market Activity edition of Landmark’s Q2 2023 Residential Property Trends report.
NB: In order to benchmark pipeline performance, this report compares our latest data with 2019 as the last ‘normal’ trading year.
To access the full Cross-Market Activity edition of Landmark’s Q2 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.
