Autumn housing market recovery fails to materialise

Hopes of an Autumn recovery have failed to take hold, Landmark Information Group claims.

The property data company’s analysis of the three months from July to September this year suggests the housing market in England and Wales remains subdued but steady.

New listings in England and Wales were 2% lower year-on-year, with September matching last year’s level, Landmark said.

Sold subject to contract volumes averaged 11% lower year-on-year.

“The market remains subdued, and there is little in this quarter’s data to suggest that will change in the near term.”

Agreed sales increased between August and September, but the increase was weaker than last year, according to the report.

Meanwhile, search order volumes are 12% lower year-on-year, with the expected September build failing to materialise and completions have fallen 7% annually.

Scotland also remained subdued, with listings and sold subject to missives volumes both averaging 8% lower year-on-year.

Subdued market

Simon Brown, Chief Executive of Landmark Information Group, said: “The market remains subdued, and there is little in this quarter’s data to suggest that will change in the near term.

“People still want to move, but borrowing costs and continued global uncertainty are weighing on their decision to do so. Speculation around possible property tax changes ahead of the Autumn Budget adds to that caution.

“Longer transactions in a quieter market make the need for reform even clearer. Buyers and sellers need reliable information earlier, and professionals need to work together to resolve issues before they delay a move.

Ben Robinson, Managing Director of Landmark Estate Agency Services, added: “The desire to move can remain even when homeowners choose to postpone their sale. September’s seasonal uplift may reflect some of those delayed decisions coming through, rather than a broader improvement in confidence.

“Ex-rental properties are also a primary driver around sustained property availability, so the mix of homes coming to market matters when assessing seller confidence. If buyer activity remains subdued and wider economic and geopolitical uncertainty continues to weigh on confidence, prospective sellers may continue to delay their plans, making it harder for any renewed momentum from September to carry through the autumn.”

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Author: Gemma