Scottish property market on track to follow same slowdown as England and Wales
![Scottish property market on track to follow same slowdown as England and Wales](https://www.scottishhousingnews.com/uploads/PIXA%20mortgage.png)
The Scottish property market is due to follow the same trajectory as England and Wales, experiencing a slowdown as housing supply remains steady but consumer ability to buy continues to be restricted, according to Landmark Information Group’s latest property trends report.
Landmark’s latest Scottish data shows listings remained high throughout Q3 – 5% higher in September than the benchmark year (2019), and 7% higher on average than Q2 of this year, continuing the upwards trend in listings we’ve seen since the relatively subdued Q1.
Despite relatively strong listings, the data shows how, like England and Wales, the Scottish market was more muted in Q3 as supply variance grew over demand, and sellers competed for sales. Supply variance in Q3 2023 grew 4% from Q3 2019, whilst demand variance fell by 22% across the same period.
This more subdued market can also be seen in legal report and completions data, with completions outstripping legal reports as transactions from the summer continue to move through the pipeline but are failing to be replaced by new transactions.
However, the search to completion variation has returned close to 2019 levels, after spending most of 2023 lagging behind - largely reflecting the healthier Subject Sold to Missive (SSTM) figures in Q2 2023.
Richard Hepburn, managing director of Millar & Bryce and Landmark Scotland, said: “Despite a challenging economic landscape and associated concerns around fluctuating interest rates, our data shows that the Scottish property market has shown remarkable resilience.
“However, like England and Wales, the Scottish market is beginning to soften, as the balance between supply and demand tips in favour of buyers.”