Housing sector faces challenges despite steady seller interest

The residential property market in England and Wales continued to face challenges in the final quarter of 2024, with transaction volumes lagging significantly behind pre-pandemic levels. According to Landmark Information Group’s Q4 2024 Residential Property Trends Report, market activity has remained stable throughout the year but failed to recover to 2019 benchmarks.
The report highlights stagnation in key metrics, particularly Sold Subject to Contract (SSTC) volumes, which were on average 33% lower than in Q4 2019. While listing volumes showed some improvement, increasing 8% compared to Q4 2019, completions experienced a sharp decline, down 37% from the same period.
Market performance overview
- Listings: The number of property listings in Q4 2024 was 8% higher than in the corresponding quarter of 2019, reflecting strong seller interest.
- SSTC: Transaction volumes remained subdued, with SSTC rates 33% below Q4 2019 levels.
- Completions: Completed transactions fell by 37% compared to the same period in 2019, signalling difficulties in advancing through the transaction pipeline.
- Search orders: Search order volumes—a key indicator of transaction initiation—were down by 18% in Q4 2024 compared to Q4 2019.
The report attributes these declines to a combination of challenging economic conditions and a shifting regulatory environment, which have constrained affordability and disrupted transaction flows.
Source: Landmark Information Group
Potential for recovery
Despite the subdued transaction activity, the report notes a consistently strong supply of properties, signalling that consumer interest in moving remains high. However, affordability pressures have limited the ability of many listings to progress through to completion.
The end of Q4 2024 saw a modest uptick in activity, with SSTC and completion volumes increasing by 4% and 5% respectively compared to Q3 2024. This increase is attributed to activity ahead of the anticipated Stamp Duty Land Tax (SDLT) reversals in April 2025, which may have created a temporary surge in transactions.
“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,” noted Landmark’s CEO, Simon Brown. He emphasised the sector’s potential for rapid growth if economic and regulatory barriers are addressed.
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