From listings to completions: Landmark report reveals 2020 property trends

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Landmark Information Group has published its first ever Property Trends report which also revealed homes sold ‘subject to contract’ were 73% lower in April at the height of the first lockdown when the market was closed.

However 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.

Landmark, which provides information to the UK property market, is also offering information on the legal processing aspects of transactions in its new report.

It found 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: “Here at Landmark, we are privileged to have a complete view of the entire UK property market, as we operate essential services that underpin every key stage of a property transaction: from the very start of a process where a property owner wishes to initiate a sale via estate agencies, the workflow of conveyancing, property search data gathering and right across the lending process – from building survey and valuation to approval.

“We have therefore launched the Property Trends Report to provide a valuable source of the very latest facts and insights into the inner workings of the property market in England and Wales, which we believe will be a useful resource for industry stakeholders and observers alike.

“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.”