The newly-released Q3 Property Trends Report Scotland showed that whilst demand variance against 2019 benchmark was only up to three per cent in August, it increased to six per cent in September to match supply levels. This suggests that the transaction pipeline will remain steady for the next few weeks.

However, August supply levels were up 21% on 2019 levels before dropping back to 6 per cent in September, indicating wider economic shocks could be starting to impact seller confidence.

The report, which uses Landmark’s rich data sources from across its businesses to reflect on cross-market activity during July, August and September of 2022, shows a general normalising in conveyancing activity. However, as early indicators of supply tightening filter through over the next few months, this can be expected to change into Q4.

The data also demonstrates greater buyer confidence in Scotland when compared to England and Wales, with listing to completion times much faster in Scotland than the rest of the UK.

Key findings from the report:

• Listings data relative to 2019: Q3 saw fluctuations which could be attributed to typical seasonal variations but could also signal seller hesitancy as they wait to see how wider economic trends play out.
• SSTM vs listings: Despite fluctuations throughout the quarter, demand remains strong. Supply spiked in August before falling below 2019 levels in September. The quarter closed out with demand 6 per cent higher than in September 2019.
• Search volumes to registered sales: Overall, we see some stabilisation in these trends over the quarter after volatility earlier in the year. Pre-completion updates and registered sales rose consistently throughout the quarter to surpass 2019 levels.

Landmark CEO, Simon Brown said: “Q3 showed another positive quarter for the Scottish property market, continuing the post-pandemic stabilisation we saw in Q2. However, it could be argued that our data is showing the ‘calm before the storm.

“There are already very early indicators of a shock to the Scottish market but we won’t see this fully born out in the data until Q4. The Scottish property transaction process doesn’t suffer from the same fragility as the rest of the UK, with home-moves in Scotland tending to complete more quickly and with less chance of fall-through. This system should arm both buyers and sellers with the ability to plan more effectively against any external shocks.”