England and Wales housing completions have fallen 42% from the third quarter of this year compared to Q3 2019, a Landmark report reveals.

That compares to the 13% decrease that Scotland experienced over the same period.

Landmark’s latest Q3 residential property trends report found that in England, Wales and Scotland listing volumes were up 6% across all markets compared to Q3 2019.

Despite a surge in housing supply, the economic and political climate continues to put downward pressure on completion rates.

The report found that in England the sold subject to contract (SSTC) volumes in Q3 2024 were down 37% when compared to the third quarter in 2019 volumes.

Meanwhile, in Scotland volumes in Q3 this year were down 23% compared to those in Q3 2019.

The report also reveals that England and Wales search order volumes in Q3 2024 were down 35% vs Q3 2019 levels.

Landmark Information Group chief executive officer Simon Brown comments: “Our Q3 trends data reflects the ongoing external economic and political turbulence causing affordability constraints and buyer caution, as home-movers pause ahead of the Budget to wait for more favourable interest rates.”

“The strong level of supply is a positive indicator for the market, but without addressing the ongoing affordability challenges and the systemic inefficiencies in the transaction process, we will continue to see a gap between supply and completions.”

“We are approaching a critical moment for the new Government, and this is a key opportunity for the new Housing Minister and industry stakeholders to work together to streamline the home-moving process and mobilise buyers as the market shows signs of recovery.”