Listings rise but movers are waiting for economic certainty - research

The level of new property listings and completions among agents were only slightly below 2019 activity during the fourth quarter but there are signs that buyers are more hesitant, research suggests.

Property data company Landmark Information Group has assessed the latest trends across four key stages of the sales pipeline: listings, Sold Subject To Contract (SSTC), searches ordered, and completion.

Despite market uncertainty, it found that listings in the fourth quarter of 2022 were just 6% below the same period of 2019.

Transactions are still completing, according to the research, despite reports of high fall-through rates.

SSTC and search volumes were subdued during the quarter though, attributed to the combined impact of affordability, inflation, mortgage availability and interest rates.

Although the fourth quarter followed the recent trend of a market returning to normal supply levels overall, the report adds that the lack of sales eventually began to have an impact in December.

SSTC and search levels were each down 35% in December.

The drop may indicate home buyers are waiting for the New Year year to take action, Landmark Information Group said.

Simon Brown, chief executive of Landmark Information Group, said: “We can clearly see that the cost-of-living crisis cannot be ignored as a key influence on the UK’s property market in 2022. 

“For many home-movers, while there is still strong appetite to move, there are indications that most are waiting for the economic headwinds to calm before making any concrete decisions.

“However, while many moves are on hold, transaction times have continued to creep up, with our latest data showing it now takes 133 days on average to complete a home move. This highlights how the UK’s home-moving process is still in dire need of modernisation to make sure it works for movers and industry alike.”