Landmark Information Group’s Q1 Residential Property Trends report indicates signs of recovery in the England and Wales property market following a volatile Q4, but mortgage availability remains subdued.
The report shows a strengthening in supply and residential listings, down only 3% compared to Q1 2019, and a recovery in residential Sold Subject to Contract (SSTC) and search volumes.
However, the subdued levels of mortgage valuations reflect a shortage of buyer access to affordable mortgages.
Simon Brown, CEO of Landmark Information Group, said: “As the housing market stabilises after the disruptions of last year, consumers’ ability to buy continues to determine market trajectory.
“While there is still strong appetite among movers, the availability of mortgages and cost-of-living pressures seem likely to play a significant role in shaping market conditions in the near-term.
“We see a recovery in property listings needing a similar level of mortgage availability for the market to overcome its recent corrections and adjustments.”
Key findings from the report include a 3% decrease in listings volumes compared to Q1 2019, a 31% decline in searches ordered in Q1 2023 versus Q1 2019, and a 10% drop in Q1 2023 completions compared to Q4 2022 volumes.
Brown emphasised the need for a similar level of mortgage availability to facilitate market recovery after recent corrections and adjustments.
