Property listings fell 9% year-on-year in the last quarter as demand continued to outpace supply.
Landmark Information Group’s Property Trends Report reveals a fifth consecutive month of low supply levels across England and Wales, with new listings lower than pre-pandemic figures in 2019. July was the only month where listings were marginally higher than SSTC – the first month since October 2020 – and the firm warns that unless a rebalance occurs, stock levels could continue to decrease and affect house prices.
Home sales lawyers and conveyancers have experienced a rollercoaster period as they’ve navigated the various Stamp Duty Land Tax holiday deadlines and resulting activity; completions peaked at 44% up in September versus September 2019, although the previous two months both recorded fewer completions compared to the previous two years.
For properties converting to SSTC, the data was relatively stable; July reported a 9% decrease, August was 7% down and September saw a 1% difference from the pre-pandemic figures.
Property search order-volumes were more consistent month to month, with volumes marginally higher than 2019 figures; 3% up in July, 4% up in August and 2% in September.
Despite property lawyers and conveyancers working hard to meet the stamp duty deadline, Landmark Information Group believes a large proportion of searches were most likely ordered in the previous quarter due to typical order patterns and turnaround times.
CEO Simon Brown (pictured) says the market is starting to present more stable figures, including SSTC, legal search order-volumes and mortgage valuations.
He adds: “We are however, seeing the demand for properties continuing to exceed supply. This market imbalance has the potential to lead to depressed sales, placing increasing pressure on property prices, as sellers are able to command higher asking prices. We look to see if this adjusts as we head towards the pre-Christmas sales period.”
Read the report in full.