Sales subject to contract (SSTC) volumes have fallen by 30% in the last quarter compared to Q2 2019, Landmark Information Group has found.
The firm’s Residential Property Trends Report found that in England and Wales, supply for housing is strong, but demand currently remains weak as property transactions move through the pipeline.
The report found that levels of available stock in England and Wales were up 12% in the last quarter compared to Q2 in 2019, which is the highest level witnessed for a year.
However, the number of completions slowed in the last quarter by 13% compared to Q1 2023. Completions have also fallen by 39% compared to Q1 2019.
Landmark has said that as a result of high interest rates, and therefore lack of mortgage availability and affordability, the levels of demand for homes has seen a fall, with searches ordered volumes dropping by 32% compared to Q2 2019, despite a healthy rise in the number of listings volume in the same period.
Chief executive officer of Landmark, Simon Brown, said: “The economy is clearly still in a state of flux. As a result, we continue to see a subdued property market in Q2 2023 in England and Wales, and to a lesser extent in Scotland too. Listing volumes have strengthened this quarter, with June 2023 exceeding June 2019 volumes by 12%. However, our data shows that progressed demand has remained weak, likely due to ongoing high interest rates, restricted mortgage availability and affordability.
“The knock-on effect is lower volumes across the rest of the transaction pipeline milestones. Activity will only 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 will be essential to a swift and sustained recovery.”
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