Landmark Information Group [1]’s Q3 2026 Residential Property Trends Report shows a housing market in England and Wales that remains subdued but steady. The improvement in buyer activity seen towards the end of the first half of the year has not been sustained into Q3, while a weaker seasonal return in September and the ongoing effect of external shocks offer little evidence of renewed momentum.
New property listings remained close to last year’s levels, averaging just 2% lower year-on-year across Q3 2026, reflecting a continued desire from consumers to move. Following a softer summer, September listings matched September 2025 levels. Ex-rental properties entering the market are also contributing to availability, and existing stock continues to provide buyers with a healthy choice of homes. At the same time, asking-price reductions are helping to improve affordability.
However, the data suggests that these more favourable buying conditions alone have not been enough to encourage stronger buyer activity. Sold Subject to Contract (SSTC) volumes averaged 11% lower year-on-year across Q3 2026. Although agreed sales increased between August and September in absolute terms, that increase was weaker than last year’s, suggesting that buyers are increasingly hesitant before committing to a move as rising borrowing and wider uncertainty weigh on their decisions.
The mortgage market also remained subdued during Q3, with a weak August followed by indications of some improvement in September. Mortgage valuation volumes were 7% lower year-on-year in August, with the year-on-year shortfall narrowing to 2% in September. Borrowers and brokers continued to act reactively to rising rates, with some consumers looking to lock in mortgage offers ahead of any further increases, while others remained cautious amid ongoing uncertainty. Borrowing costs remain an important factor in affordability, further influencing both buyer confidence and decision-making.
Further along the transaction process, conveyancer search order volumes averaged 12% lower year-on-year across Q3 2026, reflecting a weaker summer than is typical. The expected build in search order activity through September did not materialise, leaving the market entering the autumn without its usual seasonal uplift.
The subdued market is also evident in completed transactions, with completion volumes averaging 7% lower year-on-year across Q3 2026. This points to continued weakness towards the end of the transaction pipeline, with fewer buyers and sellers completing their moves as the market entered the autumn.
Scotland’s housing market also remained subdued, with fewer homes coming to market as listing volumes averaged 8% lower year-on-year across Q3 2026. Sold Subject to Missives (SSTM) volumes also averaged 8% lower year-on-year, indicating that buyer demand remained subdued amid affordability pressures similar to those in England and Wales. More homes being marketed at fixed prices rather than “offers over” suggest sellers are adjusting their expectations to attract buyers. However, efforts to encourage buyers through new Scottish Government first-time buyer incentives introduced at the end of June had yet to translate into a sustained uplift in activity.
Alongside these market pressures, transaction times remain high, reinforcing the need to improve the homebuying and selling process.
Simon Brown, CEO, 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. Landmark’s Sales Pack Ready brings searches and condition information to listing, while LandmarkConnect’s digital hubs help connect the professionals involved. These are practical steps towards the change championed by the Project 28 Charter and the Government’s reform roadmap. Overall, success must be measured by shorter transactions and greater certainty for buyers and sellers.”
Elizabeth Jarvis, Divisional Director of Legal and Search, Landmark Information Group, commented on property search activity: “Market conditions are giving little incentive for buyers to commit to a transaction. The end of summer would normally bring renewed urgency, but neither the lending environment nor the wider policy backdrop is providing much encouragement.
“That caution can persist beyond agreeing a sale. Buyers need confidence to keep progressing their purchase, and the weaker search order activity suggests that maintaining momentum through the transaction is becoming more difficult. Conveyancers and agents should work together to share reliable property information earlier and resolve issues sooner, giving buyers greater certainty to proceed.”
Rob Gurney, Managing Director of Ochresoft, Landmark Information Group, commented on what the trends mean for conveyancers: “Fewer cases do not necessarily mean a lighter workload for conveyancers. The amount of work required within an individual transaction continues to grow, so lower market activity is not delivering the shorter timescales consumers expect.
“At the same time, firms need a steady flow of new instructions to sustain their businesses. Less incoming work alongside increasingly demanding transactions puts pressure on conveyancers, while the gap between consumers’ expectations and their experience of moving continues to widen. A quieter market will not resolve these delays on its own. Improving how information is shared and reducing duplication within the transaction process must remain a priority, helping conveyancers progress cases more efficiently and give buyers and sellers greater certainty.”
Ben Robinson, Managing Director of Landmark Estate Agency Services, Landmark Information Group, commented on estate agency trends: “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.”
Mike Holden, Divisional Director of Growth, Landmark Information Group, commented on mortgage and lending activity: “Changes in mortgage rates are influencing when people act. When lenders raise rates, brokers move quickly to secure existing offers for their clients. That can bring applications forward, creating bursts of activity followed by quieter periods without a comparable change in underlying demand.
“This means that a rush to secure a mortgage offer can more often reflect concern about rising costs rather than greater confidence about moving, so stronger lending activity should not automatically be read as a recovery in house purchases.”
Richard Hepburn, Director of Scotland, Landmark Information Group, commented on trends in Scotland: “Having homes available does not automatically bring buyers back to the market. People may want to move, but affordability pressures are causing hesitancy.
“The shift towards fixed prices suggests sellers are recognising the need to adjust their expectations to secure a buyer, and first-time buyer support is welcome, but the decision to buy extends beyond the initial cost of getting onto the ladder. Until those wider affordability pressures ease, incentives may help individual households without generating a broader recovery in activity.”
Key findings from the report
In England and Wales:
- Listing volumes across Q3 2026 were down 2% compared to Q3 2025.
- Sold subject to contract (SSTC) volumes in Q3 2026 were down 11% compared to the same quarter in the previous year.
- Search order volumes in Q3 2026 were down 12% compared to Q3 2025.
- Completions in Q3 2026 were down 7% compared to Q3 2025.
In Scotland:
- Listing volumes across Q3 2026 were down 8% compared to Q3 2025.
- Sold subject to missives (SSTM) volumes in Q3 2026 were down 8% compared to the same quarter in the previous year.
- Completions in Q3 2026 were down 9% compared to Q3 2025.