By Legal Futures’ Associates Landmark Information Group
The volume of property completions in England and Wales increased by 66% in March 2021 compared to the same period in 2019, according to data from the latest edition of the Property Trends Report from Landmark Information Group, the leading provider of information to the UK property market.
The second edition of the Property Trends Report provides a complete analysis of the property transaction pipeline, comparing the year to end Q1 2021 vs 2019, as the most recent ‘normal’ market baseline. Spanning property listings, sold subject to contract, legal conveyancing and completions, the data used is extracted from Landmark Information Group’s business entities, which have touchpoints across the whole UK property market transaction pipeline, and offers a truly unified view of the whole England and Wales property market.
Property Listings: A subdued start to 2021 saw new property listings down by 18% in January and 15% in February compared to 2019 data. However, March 2021 saw new listings rise to 14% higher than the 2019 baseline, with sellers buoyed by the lockdown exit plan, a further extension of the Stamp Duty Land Tax holiday and the introduction of the new Government-backed mortgage guarantee scheme.
Sold Subject to Contract: For properties converting to Sold Subject to Contract, the data shows market activity in January and February 2021 was comparable to both 2020 and 2019, which given the lockdown conditions, demonstrates the continued strength of the market. In March 2021, monthly volumes surged, exceeding 2019 data by 18%, most likely driven by the Government’s stimulus activities.
Legal Conveyancing: In terms of the legal processing of residential transactions, property search order volumes were reporting a significant increase when comparing to 2019 data, with data showing order volumes reaching up to 40% higher than in prior years.
Completions: The first quarter of 2021 saw considerable increases in transaction completions, as property lawyers and conveyancers worked hard to complete ahead of the first Stamp Duty deadline, originally set for the end of March. As a result, completion volumes were up 20% (January), 38% (February) and 66% (March) when compared against 2019 comparable months.
Simon Brown, CEO of Landmark Information Group said, “With the volume of property completions far exceeding those recorded in 2019, our latest Property Trends Report shows that the property market in England and Wales started the year in a buoyant state, with all eyes focused on the original Stamp Duty holiday deadline.
“In contrast, while property listings were initially subdued for the first two months of the year, an acceleration of sellers listing their properties that emerged in March will help balance the overall supply and demand issue, as available stock rises.
“With the government supporting the market through the extended Stamp Duty break to the end of June alongside the mortgage guarantee scheme, we will be closely monitoring the pipeline over coming months to see if the market now finds a more stabilised pattern.”
The Property Trends Report provides cross-market trend analysis for the residential property market pipeline in England Wales and assesses transaction movements across the estate agency, conveyancing and lending sectors. The report is available to view here: https://www.landmark.co.uk/news-archive/landmark-property-report-emerging-trends-2021-across-property-transaction-pipeline.
For more information on Landmark Information Group, telephone 0844 844 9960, or visit www.landmark.co.uk.