The study revealed that listing volumes have increased by 10% in June 2023 compared to June 2019, following a flat start to the year.

Despite this upward trend in listings, caution among buyers, coupled with affordability constraints, resulted in a decline in completion volumes. Compared to the previous quarter (Q1 2023), the number of completed transactions decreased by 10% and was 13% lower than the same period (Q2) in 2019.

However, despite these challenges, the report shows how the Scottish market is able to weather market volatility more effectively than England and Wales. SSTM levels – which had dipped significantly in April with a 19% decrease compared to April 2019 – displayed a recovery during the last month of the quarter, reaching the same level as 2019 by June.

Similarly, there were encouraging signs of a recovery in transaction completions during the final month of the quarter – with completions increasing 13% in June compared to April 2023 – offering a ray of optimism amid the persisting challenges in the market.

Simon Brown, CEO of Landmark Information Group, said: “Despite the challenges posed by ongoing affordability concerns in Scotland’s property market, our data highlights the comparative resilience of the Scottish market when compared to the rest of the UK.

“At the start of Q2, we observed the impact of high interest rates and restricted mortgage availability, resulting in lower levels of completions and SSTM. However, while in England and Wales, progression of SSTC and completion volumes remained low into June, Scottish transactions were able to better weather the affordability storm, recovering to 2019 levels by June of this year.

“In order to facilitate a robust and sustainable recovery, it is essential for the market to find a balance between interest rates, inflation, and housing costs. Once this equilibrium is achieved, expediting property transactions will play a vital role in ensuring a swift rebound.”