Landmark residential property trends report Q2 ‘24
Landmark’s latest residential property trends report for Q2 2024 is now live. This comprehensive analysis provides an in-depth look at the property transaction landscape across England, Scotland and Wales. Discover valuable insights into key market dynamics, including listings, SSTC/SSTM, searches ordered and completions.
Supply holds strong against a challenging market
The latest data from Landmark reveals that listing volumes are averaging 6% higher than in Q2 2019 which we use as the benchmark year, indicating that supply is the strongest it has been in years.
However, transactions are struggling to progress to completions, reflecting ongoing affordability issues driven by high interest rates and the uncertainty of a General Election. Sold Subject to Contract (SSTC) levels are down 32% compared to Q2 2019. Similarly, completion rates, despite showing moderate growth in May, remain around 40% below where we’d expect in normal market conditions.
Despite these challenges, the data suggests that the market is poised for a potential upturn in the latter half of 2024, provided economic stability improves and systemic inefficiencies are addressed by the new Government, alongside the wider industry.
Notable headlines in England, Wales and Scotland from Q2 2024 include:
- In England and Wales, listing volumes were up 6% in Q2 ‘24 vs Q2 ‘19. In Scotland, there was a slight decline in listing levels versus Q2 ‘19 with volumes down 4%.
- In England and Wales, SSTC volumes in Q2 ‘24 continued at Q1 levels – 32% lower when compared to Q2 ‘19 volumes. In Scotland, SSTM continued to slow, down 16% in Q2 ‘24 vs Q2 ‘19.
- In England and Wales, completion levels in Q2 ‘24 remained the same as Q1 ‘24 – 41% down vs Q2 ‘19 volumes. In Scotland, completion volumes were down 5% in Q2 ‘24 vs Q2 ‘19.
Download the report to discover the latest trends impacting the residential sector in Q2 2024.
