Property market suffering from ‘prolonged stagnatio...

The usual post-summer uplift has failed to materialise for the property market, new figures suggest.

Analysis by data company the Landmark Information Group for the third quarter of 2023 shows continued market uncertainty and affordability issues have hit Sold Subject to Contract (SSTC) levels, with September seeing the biggest negative variation to the pre-COVID benchmark of 2019 so far this year at 49% down compared with 2019.

Valuation volumes have dropped 38% compared with 2019 but listings were 3% higher than the 2019 benchmark levels in September, according to the research.

Simon Brown, chief executive of Landmark Information Group, said: “Amidst the ongoing challenges of the economic landscape, our data paints a picture of an unusually muted yet stable market.

“The post-summer bounce back we would usually expect to provide a boost going into the fourth quarter hasn’t yet happened, leaving the market in a remarkably flat position.

“While this stabilisation means an end to the volatility of previous quarters, it also leaves us in unchartered waters, with few in the industry remembering such a prolonged period of stagnation.

“However, we are operating in a resilient market, meaning growth will eventually return. For now, we wait to see what the external landscape brings in fourth quarter.”