"With lenders starting to compete to offer movers the best deals, we could see transactions progressing and market conditions returning to more normal levels as the pipeline filters through into the second half of 2024"
- Simon Brown - Landmark Information Group
Landmark’s newly released Q4 Residential Property Trends report, which examined the entire residential property transaction chain, found a continued willingness of home-movers to progress their moves during the final few months of 2023, with listings remaining strong throughout the quarter.
However, the subdued market conditions seen in 2023 continued to impact the transaction pipeline, as progressed demand struggled to get through to completion amidst persistent affordability constraints.
Data for Q4 shows some continuation of the same subdued market conditions seen in Q3, with Sold Subject to Contract (SSTC) and Completions down 28% and 38% respectively versus the 2019 benchmark level. However, strong supply shows readiness for a market upturn, with listings the same as in Q4 2019.
This high level of listings, combined with robust December valuation levels (13% higher than Dec 2022) and the resurgence of competitive mortgage deals, paints an encouraging picture for the start of 2024 – suggesting the market is poised to return to normal conditions as affordability constraints gradually begin to ease throughout the year.
Simon Brown, CEO of Landmark Information Group, said: “Following the persistent economic turbulence of 2023, and the flattening effect this had on the property market into Q3, our latest data shows listings remained strong, as through much of 2023, signalling the continued willingness of people to move home. What has now changed is the external economic landscape.
"With lenders starting to compete to offer movers the best deals, we could see transactions progressing and market conditions returning to more normal levels as the pipeline filters through into the second half of 2024.”
