Despite high levels of supply the number of sales is 42% below normal levels as home movers wait to see what is in the Autumn Budget, according to property data company Landmark’s Q3 Residential Property Trends report.

It tracks the progress of house sales from their initial listings through to SSTCs. These figures are then benchmarked against ‘normal’ levels, in this case, before the pandemic.

Cautious buyers

Landmark has found that, although listings in Q3 are 6% above 2019, they are not turning into sales. Search orders are down 35%, SSTCs are down 37% vs Q3 2019 levels and completed sales are down by as much as 42%.

There has been, though, a 7% uptick in SSTCs at the end of the quarter in September 2024, from July 2024, which suggests a post-election confidence bump.

Data reflects the ongoing external economic and political turbulence.”

Landmark says that the figures paint a clear picture of a market where buyers are behaving cautiously as they battle affordability issues and wait to see what the budget has in store for the sector.

Simon Brown, CEO of Landmark Information Group says: “Our Q3 trends data reflects the ongoing external economic and political turbulence causing affordability constraints and buyer caution, as home-movers pause ahead of the Budget to wait for more favourable interest rates.

“The strong level of supply is a positive indicator for the market, but without addressing the ongoing affordability challenges and the systemic inefficiencies in the transaction process, we will continue to see a gap between supply and completions.

“We are approaching a critical moment for the new Government, and this is a key opportunity for the new Housing Minister and industry stakeholders to work together to streamline the home-moving process and mobilise buyers as the market shows signs of recovery.”