Our parent company Landmark’s latest Residential Property Trends Report for Q3 2024 is now available. This thorough analysis explores the property transaction landscape in England, Scotland and Wales, offering valuable insights into key market dynamics, including listings, SSTC/SSTM, searches ordered and completions.
A mixed picture of cautious optimism
The residential market in Q3 2024 reveals a mixed landscape, showing a 6% increase in listings compared to Q3 2019 in England and Wales. However, this positive trend is overshadowed with completion volumes 42% lower in Q3 ‘24 vs Q3 ‘19, indicating continued challenges of progressing demand within the market.
Ongoing external economic and political turbulence is still causing affordability constraints and buyer caution, as home-movers pause ahead of the Budget in the hope of more favourable interest rates. Many buyers are taking a wait-and-see approach, but there could be signs of potential recovery in Q4, especially if political and economic factors continue to stabilise.
Ongoing inefficiencies in home buying and selling also hinder the process, with Scotland – which has a more streamlined transaction process – showing healthier completions than England and Wales. While both markets saw a 6% increase in listings, Scotland experienced only a 13% drop in completion rates since 2019, compared to a 42% drop in England and Wales.
Other key findings from Q3 ‘24 include:
- In England, Wales and Scotland, listing volumes were up 6% in Q3 ‘24 vs Q3 ‘19.
- In England, SSTC volumes in Q3 ‘24 were down 37% when compared to Q3 ‘19 volumes. In Scotland, SSTM levels were down 23% in Q3 ‘24 vs Q3 ‘19.
- In England and Wales, completions have fallen 42% vs Q3 2019. In Scotland, completions were down just 13% vs Q3 2019.
Download the report to discover the latest trends impacting the residential sector in Q3 2024.
Climate change is no longer a ‘next generation’ threat; it’s on our doorstep impacting many different aspects of our lives, not least within the property sector.
Buildings are a major contributor to greenhouse gas emissions, and the effects of climate change are posing considerable risks to property values and future habitability. It is now undeniable that our sector needs to adapt.
“The property sector is a big part of the problem, as today, 40% of greenhouse gas emissions come from our buildings. If left unchecked, this is set to double by 2050.”
– Chris Loaring, Group Sustainability Director, Landmark Information Group
To understand how the property industry is starting to adapt, Landmark conducted comprehensive market research of 150 senior level employees working in estate agency, residential conveyancing, and mortgage lending across England, Scotland and Wales. Our findings have helped us gauge the growing commitment towards sustainability, and how we can help support and nurture this further.
The consensus from the industry
Our report, “Climate change in the property sector: a cross-market perspective,” takes a thorough dive into the findings:
Growing concern
Climate change is no longer a distant threat. A significant majority of property professionals (72%) recognise the urgent need to address its impacts. This growing awareness is driving a shift towards sustainable practices within the industry.
Client awareness
Property professionals said that clients are increasingly concerned about the potential effects of climate change on their property purchases. Flooding (60%), energy efficiency (58%), and local planning (56%) are among the top priorities for homebuyers. As climate risks become more apparent, these concerns are influencing decision-making processes.
Shifting practices
The property industry is adapting to the changing climate, and more professionals are actively advising clients. For example, mortgage lenders are, on average, advising 48% of their clients on potential climate change risks to their property, a similar number can also be seen from estate agents (49%).
Room for improvement
While the industry is making progress, there is still room for improvement. Less than 60% of conveyancing firms are currently on track to meet carbon emission targets. This highlights the need for continued efforts to reduce the industry’s environmental impact.
Encouragingly, more businesses have created net zero strategies (76%, up from 52% in 2023). Conveyancers have made significant progress, with 48% having published their own strategies. This is a demonstrable sign at just how much positive momentum towards solutions the industry is taking when it comes to the fight against climate change.
Download our report
To gain a deeper understanding of the trends and insights from our research, download your copy of ‘Climate change in the property sector: a cross-market perspective‘ here:
*World Green Building Council report: Embodied Carbon – World Green Building Council (worldgbc.org)
The latest data from Landmark reveals that listing volumes are averaging 6% higher than in Q2 2019 which we use as the benchmark year, indicating that supply is the strongest it has been in years.
However, transactions are struggling to progress to completions, reflecting ongoing affordability issues driven by high interest rates and the uncertainty of a General Election. Sold Subject to Contract (SSTC) levels are down 32% compared to Q2 2019. Similarly, completion rates, despite showing moderate growth in May, remain around 40% below where we’d expect in normal market conditions.
Despite these challenges, the data suggests that the market is poised for a potential upturn in the latter half of 2024, provided economic stability improves and systemic inefficiencies are addressed by the new Government, alongside the wider industry.
Notable headlines in England, Wales and Scotland from Q2 2024 include:
- In England and Wales, listing volumes were up 6% in Q2 ‘24 vs Q2 ‘19. In Scotland, there was a slight decline in listing levels versus Q2 ‘19 with volumes down 4%.
- In England and Wales, SSTC volumes in Q2 ‘24 continued at Q1 levels – 32% lower when compared to Q2 ‘19 volumes. In Scotland, SSTM continued to slow, down 16% in Q2 ‘24 vs Q2 ‘19.
- In England and Wales, completion levels in Q2 ‘24 remained the same as Q1 ‘24 – 41% down vs Q2 ‘19 volumes. In Scotland, completion volumes were down 5% in Q2 ‘24 vs Q2 ‘19.
Download the report to discover the latest trends impacting the residential sector in Q2 2024.
Tired of spending hours on Anti-Money Laundering checks?
We’ve all been there. But what if you could streamline the process and get it done in minutes?
In the following video, we’re introducing you to OneSearch AML, your one-stop shop for fast and efficient Anti-Money Laundering checks. We’ll take you step-by-step through the process of adding OneSearch AML to your conveyancing order, and show you exactly what your client will experience during verification.
See how it works in the video below:
Get ready to say goodbye to lengthy AML processes and hello to a smoother conveyancing experience!
The Q1 2024 release of Landmark’s Residential Property Trends Report is now available. This report contains the most recent data from the residential property transaction pipeline, covering listings, SSTC/SSTM, searches ordered and completions.
Our latest data gives reason for cautious optimism: listing volumes remain strong, building steadily through Q1 ‘24 in England and Wales. Listing numbers in Scotland also began on a positive footing.
Key findings from Q1 ‘24 include:
- In England and Wales, listing volumes in Q1 ‘24 were up 5% vs Q1 ’19. Listings in Scotland were down just 2% in Q1 ‘21 vs Q1 ‘19.
- SSTC volumes in England and Wales for Q1 ’24 tracked 32% below Q1 ‘19, with SSTM levels in Scotland 22% down vs Q1 ‘19.
- Completion volumes in England and Wales for Q1 ‘24 were down 41% compared to Q1 ‘19 levels. In Scotland, completions were down 2% in Q1 ‘24 vs Q1 ‘19.
Download the Cross Market Activity edition covering England, Wales and Scotland, unveiling the latest residential property market data and insight for Q1 ‘24.
We trust you’ll find this report to be a valuable guide as we move into the second quarter of 2024.
Remote ID Verification is a method of confirming the identities of individuals such as clients or customers who are not physically present. Whereas antiquated methods of confirming identity required persons to be in the room as well as providing documents, the advancements of technology have meant authentication processes can now be carried out anywhere in the world.
In this blog, we’ll take a closer look at a faster, more accurate and more secure form of identity verification, and break down what each component is, and how they all add up to make the AML biometric verification process so much easier.
It starts with liveness detection…
What is liveness detection?
In remote identity verification the use of liveness detection is critical in preventing presentation attacks or “spoofs”. Essentially, it is to make sure the individual carrying out the test is a) real, and b) who they say they are.
Common spoofs include:
- Masks
- Photographs or digital prints
- Digital screens
- Video playbacks
There are two forms of liveness detection; Active and Passive.
- Active Liveness, where a user is instructed to perform an action, such as blink, move your head from side to side, or smile.
- Passive liveness works unnoticed in the background without requiring any additional steps from the user. It includes use of AI technology and deep neural networks to detect spoofs.
As passive liveness requires no response from the user, it is often the case that they occur without the user being aware a liveness check is taking place, let alone what security mechanism is being used. This reduces the risk of fraudulent access and identity theft.
What other examples are there in life of passive lifeless tests?
You may start noticing passive liveness tests in more and more in everyday activities, from airport security to mortgage applications.
- Facial recognition systems: Banks, airports, border control, and other security-sensitive applications
- Remote document verification: Online onboarding for financial services, healthcare, and other sectors
- Mobile authentication: Secure access to mobile apps and accounts
Passive liveness is a rapidly evolving technology with the potential to significantly enhance security and convenience in various applications.
Methods:
- Document verification: Uploading scans or photos of government-issued IDs and comparing them to official databases
- Facial recognition: Using a webcam or smartphone camera to capture a live image of the person and comparing it to the photo on their ID
- Knowledge-based authentication: Asking the person security questions based on information they are likely to know
- Third-party data verification: Checking the person’s information against public or private databases, with their consent