Landmark’s Q4 Residential Property Trends report reveals that transaction volumes across England and Wales in 2024 consistently tracked below pre-pandemic levels, despite stable activity compared to 2023.
The report highlights that Sold Subject to Contract (SSTC) rates in Q4 were 33% lower than in Q4 2019, while completion volumes fell 37% in the same period.
However, supply remained strong, with listings up 8% against 2019 levels, demonstrating continued seller appetite.
Simon Brown, chief executive of Landmark Information Group, said: “The property market has shown resilience but remains hamstrung by economic barriers. The desire to move is clearly there, but the current conditions are not conducive to activity. Our focus remains on supporting the industry in addressing these challenges and creating more efficient transaction processes.”
The end of Q4 saw a slight uptick in activity ahead of the anticipated Stamp Duty Land Tax reversals in April 2025, with SSTC and completion volumes rising 4% and 5% respectively from Q3.
However, this artificial surge suggests potential headwinds later in the year as the tax changes take effect.
