Landmark’s newly released Q4 Residential Property Trends report offers a comprehensive analysis of property data from the last quarter of 2024, examining the entire residential property transaction chain – making it the most extensive cross-market analysis of the property sector in England and Wales.
The data highlights a year of relative stability compared to 2023 but underscores a static market still lagging behind pre-pandemic levels as transaction volumes, albeit stable across the year, consistently tracked well below the 2019 benchmark. However, continued strong supply throughout the year illustrates the ongoing desire from consumers to move – suggesting potential for economic growth and improved market activity should economic conditions improve.
Landmark’s data shows that in Q4 2024, Sold Subject to Contract (SSTC) rates were stagnant, consistently tracking on average 33% down on 2019 levels for the same quarter. Whilst the market remained stable, challenging economic conditions and a shifting regulatory landscape constrained demand from progressing through the transaction pipeline.
Completion volumes were 37% down in Q4 2024 compared to Q4 2019, having been consistently 40% down on average throughout 2024 when compared to the 2019 benchmark.
At the same time, supply volumes in Q4 were healthy with listings up 8% against 2019 levels. A consistently strong supply since the start of 2024 indicates strong seller appetite but, due to affordability challenges impacting demand, fewer listings are making it through the pipeline. Overall, transaction activity was consistently low throughout the year.
The high levels of supply and constricted demand demonstrate strong potential for the market to rapidly accelerate and generate economic traction if affordability and macroeconomic challenges ease this year.
The end of Q4 saw a small uptick in volumes, likely due to increased activity ahead of the Stamp Duty Land Tax (SDLT) reversals expected in April this year. SSTC and completion volumes were up 4% and 5% respectively from Q3 2024 to Q4 2024, compared to the same period in 2019. This suggests an artificial bubble of activity in the pipeline before the tax change. However, this reform could also create future budgetary barriers for home movers, continuing the static trend.
Simon Brown, CEO, Landmark Information Group, said: “Our latest report demonstrates a property market that has shown resilience but remains hamstrung by an economy that has parked the industry in a stable but static state.
“The current economy is not conducive to buying and selling. However, the desire to move is clearly there. This speaks of the property industry’s potential to bounce back strongly and quickly if we can find a way to remove the economic barriers and streamline the home buying and selling process.
“Entering 2025, our focus will remain firmly on supporting the latter. We will continue providing insights and innovations that support industry in navigating this complex landscape. Our goal is to support our partners and stakeholders to find opportunities to drive momentum and create a more efficient transaction process.”
Key findings from the report:
Cross market activity
+ In England and Wales, listing volumes were up 8% in Q4 ‘24 vs Q4 ‘19.
+ In England and Wales, sold subject to contract (SSTC) volumes in Q4 ‘24 were down 33% when compared to Q4 ‘19 volumes.
+ In England and Wales, completions have fallen by 37% in Q4 ’24 vs Q4 ‘19.
+ In England and Wales, search order volumes in Q4 2024 were down 18% vs Q4 2019 levels, albeit December 2019 volumes were also comparatively low.
Read the orginal article: https://propertyindustryeye.com/property-trends-data-shows-potential-market-bounce-back/
Landmark’s newly released Q4 Residential Property Trends report offers a comprehensive analysis of property data from the last quarter of 2024, examining the entire residential property transaction chain – making it the most extensive cross-market analysis of the property sector in England and Wales.
