New data from Landmark’s Q4 Residential Property Trends Report reveals the market’s potential to bounce back if economic conditions and transaction processes improve.

According to the report, 2024 was relatively stable compared to 2023 but a static market still lagged behind pre-pandemic levels and transaction volumes were well below their 2019 benchmark.

In addition, the challenging economic conditions and a shifting regulatory landscape restricted sales’ progressions and Sold Subject to Contract (SSTC) rates were 33% down on 2019 levels.

Supplies up

Supply volumes, on the other hand, were far healthier at 8% above 2019 levels, demonstrating a clear consumer desire to move. It also suggests there is room for growth should the economic conditions improve, although affordability challenges in 2024 meant fewer listings were making it through the sales process.

Landmark believes, though, that if affordability and macroeconomic challenges ease this year the market could then rapidly accelerate.

And, at the end of Q4, there was a notable increase in activity ahead of the Stamp Duty Land Tax (SDLT) changes in April 2025 and SSTC (+4%) and completion volumes (+5%) were both up from 2019 levels.

The current economy is not conducive to buying and selling”.

Landmark’s Brown, commented: “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.”