Landmark Information Group launches Property Trends Report
We love to follow fashion and all the latest trends. So, the launch of a new Property Trends Report, providing cross-market trend analysis for the residential property market pipeline across the Residential estate agency, conveyancing and lending sectors caught our eye.
The extraction of key data trends from Landmark Information Group’s various business entities means that it believes it 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.
We’ve written about them often enough, but here’s what they found.
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: “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.”
So do we. It’s time RICS and the Nationwide had a terrier snapping at the heels of their monthly analysis. We wish them luck with it.
The Property Trends Report is available to view here.
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