The newly-released Q2 Property Trends Report Scotland shows the property market is bouncing back to 2019 levels, with supply improving in June as listing volumes recovered – now four per cent above June 2019 figures – after tracking 10 per cent below 2019 levels for Q1 and early Q2.

The report, which uses Landmark’s data sources from across its businesses to reflect on cross-market activity during April, May and June of 2022, shows that supply is steadily improving, but demand variance is yet to stabilise.

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:

• Demand supply variance: Supply is steadily improving but demand variance remains ahead of trend. By June 2022, both listings and SSTM (Sold Subject to Missives) volumes topped June 2019 levels.
• Listings data relative to 2019: Listing volumes showed some recovery in June (4% above 2019 levels), after tracking 10% below 2019 levels for Q1 & early Q2.
• Completions: Completions in Q2 were lower than in Q1 during April and May but returned to 2019 levels in June with faster listing to completion times in Scotland vs England and Wales – now tracking more closely with SSTM.
• Registered Sales: Registered sales continue to show some volatility and out of season patterns, with levels in April similar to those of January 2022, but rising in May – showing some confidence in the market.

Landmark CEO, Simon Brown said: “As the Scottish property market starts to normalise following extended Covid restrictions, it is positive to see tentative signs of continued recovery for the market throughout Q2, with supply-side pressures beginning to ease.

“The data paints a positive picture of consumer confidence, with increasing listing volumes at one end of the transaction process tracking well against registered sales at the other end. However, true confidence will only come from consistency over consecutive months – with the cost of living and increased interest rates already starting to affect consumer confidence in England and Wales, this could yet present challenges.”