Homemovers continued to progress in Q4 2023, with listings remaining strong throughout the quarter, according to data from Landmark’s Q4 Residential Property Trends report.
While the cross-market data demonstrated a strong appetite from homemovers, subdued market conditions continued to impact the transaction pipeline, with Sold Subject to Contract (SSTC) and completions down 28% and 38% respectively versus the 2019 benchmark level.
However, there was strong supply, with listing levels the same as Q4 of 2019.
This, combined with robust December valuation levels (13% higher than Dec 2022) and the resurgence of competitive mortgage deals, painted an encouraging picture for the start of 2024.
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.”
