Landmark Information publishes their Residential Property Trends Q3 2024

Landmark Information has published its latest Residential Property Trends Report for Q3 2024, showing the latest data on residential property transactions, including listings, Sold Subject to Contract (SSTC)/Sold Subject to Missives (SSTM) figures, search orders and completions.

Key points from the publication:

• • England, Wales and Scotland, listing volumes were up 6% in Q3 ‘24 vs Q3 ‘19.
  • In England, SSTC volumes in Q3 ‘24 were down 37% when
    compared to Q3 ‘19 volumes. In Scotland, SSTM levels were down 23% in Q3 ‘24 vs Q3 ‘19.
  • In England and Wales, completions have fallen 42% vs Q3 2019. In Scotland, completions were down just 13% vs Q3 2019.

Did the market provide reasons for optimism in Q3 2024?

The overall picture is mixed, with a 6% rise in listings compared to Q3 2019, but strong supply in England and Wales isn’t translating into completions. SSTC levels are down 37% and completions have fallen 42% vs Q3 2019.

The General Election has led to hesitancy among home movers, and the upcoming Autumn Budget may also be impacting decisions.

Despite these challenges, there is potential for recovery in Q4, fuelled by the prospect of more favourable financial conditions.

The figures from Scotland invite reflection, showing listings up 6% compared to Q3 2019 and completions down just 13%. This end-of-pipeline performance is significantly better than in England and Wales.

Learning from Scotland’s streamlined transaction process could help improve efficiency in England and Wales, especially as the Government aims to build 1.5 million new homes in five years. A more effective process is essential as low volumes struggle to progress.

Pipeline activity variance – England and Wales:

Looking at relative trends for four key stages in the pipeline – listings, Sold Subject to Contract (SSTC), searches ordered and completions – we get an excellent view of the whole market.

Whilst supply reached its strongest position of the year so far, up 10% in Sept ’24 vs Sept ’19, instruction volumes are not translating to completions.

Listing volumes were up 6% in Q3 ’24 vs Q3 ’19 – the same increase as Q2 ’24.

SSTC volumes in Q3 ’24 were down 37% when compared to Q3 ’19 volumes.

Search order volumes in Q3 ’24 dipped down a further 2% from Q2 ’24 to 35% lower than Q3 ’19 levels.

Completion levels in Q3 ’24 were a further down 1% from Q2 ’24 and 42% down vs Q3 ’19 volumes.

Pipeline activity variance – Scotland:

Looking at relative trends for four key stages in the pipeline – listings, Sold Subject to Missives (SSTM), searches ordered and completions – we get an excellent view of the whole market.

The spike in listings was supported by higher Home Report volumes post summer as seller confidence returns to the market.

Demand continues to track below 2019 levels, although some legal reports are being commissioned much later in process due to fall-throughs.

Pre-completion report volumes are healthier but still below Full-Year 2019 levels, possibly due to fall-throughs as properties previously SSTM and relisted go through to completion.

You can read the report here. 

Kindly shared by Landmark Information Group