Property listings fell 18% in the final three months of last year as weak supply “continues to be the dominant pressure on activity levels in the England and Wales”, according to Landmark Information Group.

Listings were down 7% in October and 6% in December, says the data group’s Property Trends Report.

Only November posted comparable volumes to 2019, but the survey adds, “this is deceptive as parliamentary elections and the UK-EU [Brexit] Withdrawal Agreement in November 2019 led to an unusually subdued property market.”

The report says the fourth quarter of last year is set “against a backdrop of high demand, where a large proportion of properties coming to market are being sold very quickly, creating dual pressures upon both stock levels and prices.”

It adds the 18% fall in legal completion volumes in the last quarter compared to 2019 was to be expected, following the final stamp duty holiday deadline in September when completions leapt 44% higher than pre-pandemic levels.

Property search order volumes were marginally higher than 2019 figures in October, at 5% up, while this fell in November and December “due to market effects”, with data showing activity was 9% and 2% lower, respectively, compared to pre-pandemic volumes.

The report says completions were 30% lower in October compared to 2019, following September’s rush to complete transactions before the end of the stamp duty holiday.

However, completions were just 6% behind 2019 data in December, as conveyancers worked to complete as many transactions as possible before Christmas.

Landmark Information Group chief executive Simon Brown says: “The figures in our latest Property Trends Report are a case of assessing perceptions versus reality.

“While the data shows a closer alignment to pre-pandemic figures, we must remember that November and December data in 2019 was far from typical, due to the elections and Brexit agreements, which slowed conditions at that time.

“The market needs an injection of new listings to really help boost overall conditions and reduce the pressures now facing agents with historically low stock levels.”

 

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