Cross-market trend analysis for England and Wales’ residential property market – a complete analysis of the property transaction pipeline from property listings, sold subject to contract, legal conveyancing and completions.
Landmark Information Group, the leading provider of information to the UK property market, has today announced the launch of a new Property Trends Report, which provides cross-market trend analysis for the residential property market pipeline in England and Wales – spanning account transaction movements across the estate agency, conveyancing and lending sectors.
The extraction of key data trends from Landmark Information Group’s various business entities has touchpoints across the whole UK property market transaction pipeline. The launch edition assesses 2020 market trends versus 2019 and offers a truly unified view of the England and Wales property market in what was the most unprecedented year.
The Cross-Market Analysis data report provides a reflection on the challenges presented to the residential property market during and following the first Covid-19 national lockdown. This includes an 85% reduction of new property listings in April 2020 compared to 2019 data, followed by a gradual month-on-month recovery from June onwards when the market reopened and the Stamp Duty Land Tax holiday was announced. September then saw a peak of 42% more listings compared to the previous year as the stimulus effect worked through the system.
For properties converting to ‘Sold Subject to Contract’, the data shows market activity was 73% lower in April 2020 versus the 2019 baseline, yet since July, the monthly volumes have all exceeded 2019’s data – with September 51% higher and December, which is traditionally a quieter period, 39% higher.
In terms of the legal processing aspects of transactions, property search order volumes were all reporting below the 2019 baseline figures between March and June, however this has since returned to growth during the second half of 2020. This included a 58% peak on property searches ordered in December compared to the same month in the previous year.
The market activity across the overall pipeline shows that the resulting completions have decreased during much of 2020, with February to September all showing a reduction in completion rates compared to 2019. The last quarter of the year turned a corner however with completion rates at 9%, 3% and 24% above 2019 baseline data for October, November and December, respectively.
Simon Brown, CEO of Landmark Information Group, said: “Here at Landmark, we are privileged to have a complete view of the entire UK property market, as we operate essential services that underpin every key stage of a property transaction: from the very start of a process where a property owner wishes to initiate a sale via estate agencies, the workflow of conveyancing, property search data gathering and right across the lending process – from building survey and valuation to approval.
“We have therefore launched the Property Trends Report to provide a valuable source of the very latest facts and insights into the inner workings of the property market in England and Wales, which we believe will be a useful resource for industry stakeholders and observers alike.
“The data from our first Report paints a very clear picture of the pressure that the entire market has felt during 2020, with the closure of the market in March during the first lockdown, followed by the subsequent explosion of activity upon reopening and launch of the Government’s land tax break. We look forward to continuing to monitor and share updates in 2021 to keep the industry informed.”
The Property Trends Report from Landmark Information Group is available to view here: https://www.landmark.co.uk/news-archive/landmark-property-report-trend-data-analysis-provides-unified-view-property-transaction
For more information on Landmark Information Group, telephone 0844 844 9960, or visit www.landmark.co.uk.