The residential property market held steady but affordability kept holding buyers back, Landmark Information Group’s latest Q2 2025 report found.
Activity spiked in March as buyers rushed to beat the Stamp Duty deadline, with completions up 79% compared to the same month last year.
Completions for the whole quarter were still 21% below Q2 2024, as the market cooled after the Stamp Duty change.
Listings in Q2 were up 5% on last year, with more stock and competitive mortgage rates.
However, affordability remained the main stumbling block.
Sold subject to contract volumes dropped 13% in April and May compared with 2024, and offer and completion numbers stayed low due to affordability issues and long property chains.
Some signs of recovery appeared in June, with sold subject to contract numbers and completions moving closer to 2024 levels.
Search order activity was up 2% for the quarter, with completions in June tracking just 6% below June 2024.
Scotland’s market stayed more stable.
Land and Buildings Transaction Tax was unchanged, and sold subject to missives volumes returned to 2024 levels by May and June.
Completions in Scotland held steady, dipping only 6% between March and April.
Simon Brown, CEO at Landmark Information Group, said: “This isn’t a market in decline, it’s a market in waiting.
“Sellers are active and the peak of activity ahead of the stamp duty change indicates an industry ready to move quickly as demand grows.
“The missing piece is momentum – and that will only return when affordability, rates and house prices are in balance.”
Brown added: “There’s opportunity here. With the right economic conditions and a continued focus on digitising the transaction process and addressing systemic inefficiencies, we can drive movement for the long-term and finally unlock the economic potential of the UK’s property market.”
