The housing market in England and Wales remains subdued but steady, according to Landmark Information Group.
Landmark’s Q3 2026 residential property trends report found that there has been an improvement in buyer activity seen towards the end of the first half of the year has not been sustained into Q3, while a weaker seasonal return in September and the ongoing effect of external shocks offer little evidence of renewed momentum.
New property listings remained close to last year’s levels, averaging just 2% lower year-on-year across the third quarter of the year.
Following a softer summer, September listings matched September 2025 levels.
Ex-rental properties entering the market are also contributing to availability, and existing stock continues to provide buyers with a healthy choice of homes, while asking-price reductions are helping to improve affordability.
However, Landmark says data suggests that these more favourable buying conditions alone have not been enough to encourage stronger buyer activity.
Sold subject to contract (SSTC) volumes averaged 11% lower year-on-year across Q3 2026.
Although agreed sales increased between August and September in absolute terms, that increase was weaker than last year’s.
Landmark suggests that buyers are increasingly hesitant before committing to a move as rising borrowing and wider uncertainty weigh on their decisions.
The mortgage market also remained subdued during Q3, with a weak August followed by indications of some improvement in September.
Mortgage valuation volumes were 7% lower year-on-year in August, with the year-on-year shortfall narrowing to 2% in September.
Data shows borrowers and brokers continued to act reactively to rising rates, with some consumers looking to lock in mortgage offers ahead of any further increases, while others remained cautious amid ongoing uncertainty.
Further along the transaction process, conveyancer search order volumes averaged 12% lower year-on-year in Q3.
Landmark says this reflects a weaker summer than is typical.
The subdued market is also evident in completed transactions, with completion volumes averaging 7% lower year-on-year in Q3.
It says this points to continued weakness towards the end of the transaction pipeline, with fewer buyers and sellers completing their moves as the market entered the autumn.
Scotland’s housing market also remained subdued, with fewer homes coming to market as listing volumes averaged 8% lower year-on-year across Q3 2026.
Sold subject to missives (SSTM) volumes also averaged 8% lower year-on-year, indicating that buyer demand remained subdued amid affordability pressures similar to those in England and Wales.
Landmark Information Group chief executive Simon Brown says: “The market remains subdued, and there is little in this quarter’s data to suggest that will change in the near term. People still want to move, but borrowing costs and continued global uncertainty are weighing on their decision to do so. Speculation around possible property tax changes ahead of the Autumn Budget adds to that caution.”
“Longer transactions in a quieter market make the need for reform even clearer. Buyers and sellers need reliable information earlier, and professionals need to work together to resolve issues before they delay a move.”
