The average monthly number of property sales completing across the UK is still 15.4% lower in comparison to pre-pandemic performance levels.

This is despite the strong level of market activity seen in recent times, according to new research from Barrows and Forrester.

Analysis of property transaction data shows that across the UK, an average of 83,778 transactions completed per month between 2016 and 2019. However, since the start of 2020, this has fallen to an average of 70,856 transactions per month. 

This difference is at its greatest across Wales, where average monthly transaction levels since the start of 2020 have reached 23.8% below pre-pandemic levels.

The West Midlands has also seen one of the biggest declines, with 22.1% fewer property sales per month, followed by the East Midlands (-21.3%), the North West (-19.4%) and the North East (-3.7%). 

According to the research, Scotland has seen the market bounce back to pre-pandemic levels to the greatest extent. Across the nation, 8,265 property sales have taken place per month since the start of 2020, which is a figure just 2.1% below the levels seen prior to the pandemic. The South East (-11.1%) and London (-12.8%) are also home to levels of current market activity closest to that seen prior to 2020.

“There’s no denying that the property market is in very good health at present and a world away from the widespread doom and gloom predictions that many were quick to make during the first half of 2020,” commented Barrows and Forrester managing director, James Forrester.

“But despite the overwhelming levels of demand spurred by the introduction of the stamp duty holiday, we’re yet to see a full return to form where transaction levels are concerned.”

Forrester added that the housing market has overcome a “myriad of obstacles” during the pandemic

“An early industry lockdown that saw the market grind to a half for over a month, the requirement to work from home followed by new COVID protocols while in the workplace and the addition of lengthy market delays at the back end of the transaction process, which caused transactions to drag out for a considerably longer period of time,” he continued.

“All of these factors have proved problematic. So while there is still some work to do, the outlook is extremely positive and not discounting the current threat of the Omicron variant, we transaction levels should return to pre-COVID levels in 2022.”

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