The expected autumn recovery in the housing market has failed to materialise, with agreed sales running 11% below last year despite sellers continuing to bring homes to market.
Landmark Information Group’s Q3 Residential Property Trends Report shows Sold Subject to Contract volumes across England and Wales averaged 11% lower year-on-year during the quarter.
New listings, by contrast, were just 2% below last year’s levels and September supply matched September 2025, leaving buyers with relatively healthy levels of choice.
Further along the transaction pipeline, conveyancer search orders averaged 12% below last year during Q3, while completed transactions were down 7%.
Landmark says higher borrowing costs and uncertainty ahead of the Autumn Budget are contributing to buyer caution despite asking-price reductions improving conditions for purchasers.
BUYERS HOLD BACK
Mortgage activity also remained subdued, although there were signs of improvement towards the end of the quarter.
Mortgage valuation volumes were 7% lower year-on-year in August before the gap narrowed to 2% in September.
Landmark warns that bursts of mortgage activity as borrowers attempt to secure deals before rates increase should not necessarily be interpreted as stronger underlying housing demand.
Chief Executive Officer Simon Brown (main picture, inset) 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.”
TRANSACTION PIPELINE
Landmark Information Group Divisional Director of Legal and Search Elizabeth Jarvis says: “Market conditions are giving little incentive for buyers to commit to a transaction. The end of summer would normally bring renewed urgency, but neither the lending environment nor the wider policy backdrop is providing much encouragement.
“That caution can persist beyond agreeing a sale. Buyers need confidence to keep progressing their purchase, and the weaker search order activity suggests that maintaining momentum through the transaction is becoming more difficult. Conveyancers and agents should work together to share reliable property information earlier and resolve issues sooner, giving buyers greater certainty to proceed.”
Ex-rental properties coming onto the sales market are also contributing to available stock, according to Landmark.
Landmark Estate Agency Services Managing Director Ben Robinson says: “The desire to move can remain even when homeowners choose to postpone their sale. September’s seasonal uplift may reflect some of those delayed decisions coming through, rather than a broader improvement in confidence.
“Ex-rental properties are also a primary driver around sustained property availability, so the mix of homes coming to market matters when assessing seller confidence.
“If buyer activity remains subdued and wider economic and geopolitical uncertainty continues to weigh on confidence, prospective sellers may continue to delay their plans, making it harder for any renewed momentum from September to carry through the autumn.”
