The Q4 2023 edition of Landmark’s Residential Property Trends Report is now live. Within the report, you’ll find the latest data from the residential property transaction pipeline, including listings, SSTC/SSTM, searches ordered and completions.
This is a market poised for return. Whilst supply remains consistently robust, subsequent pipeline metrics such as SSTC / SSTM, searches ordered and completions are still flat.
Key findings from Q4 ‘23 include:
- Listing activity in England and Wales in Q4 ‘23 registered the same volumes recorded in Q4 ‘19.
- Completions dropped in England and Wales in Q4 ’23 – 38% lower than Q4 ‘19.
- In Scotland, listings for Q4 ‘23 were 9% up on Q4 ’19, but completions were subdued by 13% vs Q4 ’19.
- Overall, dispute healthy listings, the residential pipeline remains constrained.
Download the Cross Market Activity edition covering England, Wales and Scotland, revealing the most recent residential property market data for Q4 2023. We hope you find the report a helpful steer as we begin 2024.
Landmark’s major new cross-market report has uncovered the top challenges and priorities for 2024 shared by estate agents, conveyancers, surveyors and lenders across the transaction chain.
Our new cross-market report found that market challenges and the length of time it takes to complete a transaction to be among the top frustrations shared by all residential property professionals.
The report, entitled ‘Future Thinking: what’s driving property professionals into 2024?’, features the views of hundreds of estate agents, conveyancers, surveyors and lenders.
A striking convergence
Our findings highlight some of the challenges and frustrations that senior property professionals are currently prioritising and sense-checks these against the aspirations of home movers.
Here are some of the key headlines:
- Economic headwinds have clearly affected the sector, with over 75% of all groups citing the current economic climate, interest rates and the cost of living as a leading business concern for the next year.
- The length of time to complete a transaction was a top three frustration in the transactional process for estate agents (37%), surveyors (40%) and lenders (36%).
- The ever-increasing regulatory and admin burden placed on property professionals appeared as a top five frustration for all four groups, with lenders ranking highest in this area, with 55% agreeing.
- All groups spent over 20% of their working days chasing or being chased – with poor communication among stakeholders cited as a top five frustration for estate agents and conveyancers in particular.
- Looking ahead, better technology and less administration were seen a key for all groups in improving efficiencies and reducing costs.
Protracted timeframes
Our research also canvassed the views of 500 home movers, with this group also sharing the sentiment expressed by property professionals to speed-up transactions. In fact, the majority of consumers aspired to wrap up their home moves within an 8-week timeframe – which is in stark contrast to the current average transaction time of 19 weeks1.
A desire for digitisation
The report also highlighted a remarkable consensus regarding the best solutions to addressing these challenges. Digitising workflows featured highly for three of the four groups, with surveyors (63%) and lenders (55%) ranking it as the leading factor that would have the biggest impact on productivity, and estate agents placing it third (41%.)
Simon Brown, CEO, Landmark Information Group says:
“Our research has thrown into sharp focus the many shared challenges our sector is facing. It also reminds us that we’re all part of the same property ecosystem, and although our roles and areas of expertise are different, we share more areas of commonality than we perhaps thought.
“If we are all experiencing some of the same frustrations around difficult communications, increasing amounts of administration and a desire for better technology, then we need to focus on a collaborative solution to provide the speed and certainty the property professionals and consumers are so desperately craving.”
Access our new market research report here.
As the housing market and economic outlook continues to fluctuate the cash buyer market sector recently hit an eight-year high.
More and more non-mortgage clients are entering the market looking to secure their next short or long-term investment, and each one has the sought-after incentive of being chain-free, and good to go.
This this blog, we take a deep dive into the current Cash Buyer Landscape, by pitching questions to OneSearch’s head of Sales, Robin Wells…
- With current economic trends around higher interest rates and low availability of mortgages, have cash purchases increased?
It goes without saying the property sector has taken, and is still taking an unprecedented number of hits, with the initial challenges stemming from the wake of the pandemic. But our resilient market has been further tested by the war in Ukraine and the subsequent cost of living crisis together consistent interest rate increases over the last 12 months.
I think it’s important to understand that cash purchasers and purchases have always been prevalent in our marketplace, but naturally these transactions will inevitably increase when the sale of property (especially) distressed sales become more frequent and mortgaged buyers less plentiful.
- Without the need for a lender, and therefore searches not strictly being required, should cash buyers look to protect themselves?
It’s critically important to understand that searches play a vital role in a property transaction and whatever the circumstances a full range of searches as advised by a conveyancer is always the best way to get all the property information required to make an informed decision. However, some cash purchases are negotiated by buyer and seller and the timescales of search delivery can fall out of these agreed parameters, so some form alternative safeguard maybe required to enable the purchase to proceed.
- How can conveyancers help prospective cash buyers reduce the risks involved with a cash purchase?
As stated before, a full suite of searches is the first and foremost the best way of providing clients the property intelligence required to transact safely. However, when a lender is not present within the transaction, a suitable insurance policy can be obtained to protect the buyer from any loss of property value or claims that may arise from not taking usual route of ordering a full search pack and the missing data within the searches not being present.
- Is there a more robust way to increase the cash buyers due diligence as opposed to just insurance?
Yes, our Cash Buyer Express is a combined solution that provides some really useful property search data, such as Planning information and planning permissions, nearby road schemes, road and railway schemes, and this is nicely wrapped up with a really robust insurance policy that adds a greater layer of cover for the buyer.
With all these barriers bypassed, wouldn’t it be good to have an added layer of protection and security without jeopardising a speedy transaction? Our infographic highlights the routes available to your clients, and how OneSearch’s Cash Buyer Express gives your clients the best of both worlds.
At OneSearch, we believe that exceptional customer service is at the heart of every successful business. As we celebrate National Customer Service Week (NCSW) this week, we are proud to reaffirm our commitment to delivering first-class customer experiences.
Great customer service is more than just a buzzword for us – it’s a core principle that drives everything we do. We are committed to continuously improving our services, processes, and communication to better meet and exceed our customers’ expectations.
As a testament to our dedication to excellence, we are thrilled to share that we are active members of the Institute of Customer Service. This membership reflects our commitment to putting our customers at the centre of our business, as well as staying up-to-date with the latest industry trends, best practices, and customer service innovations. It also connects us with a community of like-minded businesses striving to raise the bar for customer service standards.
Customer Service Manager Carol Dodd said: “National Customer Service Week is a time to celebrate our commitment to excellence; for us, exceptional customer service isn’t limited to one week, it’s a daily commitment. Our team is dedicated to going above and beyond to meet our customers’ needs, and we take immense pride in being members of the Institute of Customer Service.”
As OneSearch celebrate over 30 years in the industry, our company vision remains as resolute as ever: offer reliability, impact, and excellence to our customers and partners within the property industry.
The Q2 2023 edition of Landmark’s Residential Property Trends Report is now live. Within the report, you’ll find the latest insights into the residential property transaction pipeline from listings to SSTC/SSTM, and from searches to completions.
The report found that whilst supply is relatively strong, demand volumes are struggling to progress through the transactional pipeline.
Headlines from Q2 include:
• Supply is up in England and Wales – with listings 12% higher in June ’23 vs June ‘19
• Completions dropped in England and Wales in Q2 ’23 – 39% lower than Q2 ‘19
• In Scotland, the picture is marginally better but buyers are similarly constrained
• Overall, demand volumes struggle to progress across Great Britain as high interest rates, restricted mortgage availability and squeezed affordability continue to drive an uncertain market.
Download the Cross Market Activity edition for England, Wales and Scotland, and review the latest property market data during the second quarter of 2023.
We hope you find the report useful.
This survey and guide reveals how a desire for more information about climate and the environment may start changing residential conveyancing processes.
The transition to Net Zero is a long term goal, but it’s clear home movers are factoring climate change into their decisions now. Our parent company Landmark’s survey shows there’s already a desire for more data, earlier in the process. It’s a revealing snapshot.
Download the guide to find out:
- Residential conveyancers views on who is responsible for advising on climate change
- The percentage of home movers prepared to invest in energy efficiency measures
- How agents and conveyancers are handling the need for a Net Zero strategy
- What percentage of firms are reporting on future climate change risks to their clients
Residential estate agents and conveyancers are trusted to source the right information at the right time. This survey shows that many firms want more guidance from authoritative organisations on the provision of climate change information to home movers.
Landmark Information Group provides climate data to colleagues working in every part of the property industry’s value chain. Our work includes surveys and reports like this one, surfacing insights on subjects such as Climate Change, Digital Transformation, and the Home Mover Experience.
Download the guide, understand colleagues’ views on reporting around climate change and information exchange with vendors and purchasers.
Complete the form, we’ll send our guide – View on Climate Change Information in Residential Conveyancing – straight to your in-box.