Landmark property Trends Report - Q2 2023

A subdued market struggling with uncertain conditions   

The residential sector is still navigating a period of uncertainty. Although listing activity has strengthened this quarter – with June ‘23 outperforming June ’19 by 10% in Scotland and 12% in England & Wales – demand remains weak with volumes struggling to progress through the transactional pipeline. 

Overall, this trend is likely due to ongoing high interest rates, restricted mortgage availability and affordability being squeezed as the cost-of-living crisis continues to impact the sector.   

As a result, our report shows lower volumes have been feeding through to the rest of the transaction pipeline. In Scotland, the market seems to be more resilient. When compared to Q2 2019 levels, our data found that STTM levels were down 10%, completion activity reduced by 13% and registered sales dropped by 11%.  

In England and Wales, if we compare the same period in 2019, SSTC volumes were down 30%, residential search order levels dropped by 32% and completion volumes were reduced by 39%. 

Landmark CEO Simon Brown commented:  

“While there is strong supply in the residential market, the sector continues to be impacted by the cost-of-living-crisis, with mortgage availability and then affordability limiting consumers’ ability to move. We will only see activity flow through the pipeline once the market finds a balance between interest rates, inflation and the cost of housing. When that time comes, speeding up property transactions – which now take an average of 133 days in England and Wales – will be essential to ensuring a swift and sustained recovery.” 

Click here to access the Cross-Market Activity edition of Landmark’s Q2 2023 Residential Property Trends report.  

NB: In order to benchmark pipeline performance, this report compares our latest data with 2019 as the last ‘normal’ trading year.  

Corporate Social Responsibility – Our recent partnership with Social Bite Village, Leith

At Millar & Bryce our approach to corporate social responsibility (CSR) reflects the steps that we are taking to ensure we are, and remain, a good corporate citizen. Social responsibility encompasses everything we do that has an impact on society around us – it is our values and behaviour as an organisation. We recently partnered with AAI Employability on an innovative workplace initiative called Graduating Communities as part of our ongoing commitment to supporting third sector organisations around us. Through this partnership we were able to second one of our colleagues for three months to the Social Bite Village. 

The pilot placement was a huge success and has laid the foundation for an ongoing programme with the Social Bite Village. We look forward to working on many new initiatives into the future supporting local projects.

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Millar & Bryce and DUAL Asset Underwriting to provide new gap insurance option

In a time of extreme uncertainty due to the ongoing changes imposed as a result of COVID-19, Millar & Bryce and DUAL Asset Underwriting have been working together to find a gap insurance solution to help support and de-risk some of the challenges that the conveyancing profession is facing.

Further to communications from Registers of Scotland and The Law Society Scotland, as a direct consequence of the UK government’s position on COVID-19, questions in relation to the Application Register have increased uncertainty within the profession.

DUAL is therefore pleased to be able to offer solicitors a new “Gap” insurance product that will protect the application as a priority. Available for Residential and Commercial transactions as well as Lender only cover.

Further details in relation to the “Gap” insurance product, as well as a quote, can be obtained by contacting Millar & Bryce through

A range of other insurance options that DUAL provides, are available at This portal provides instant, multiple quotes that can be ordered online with a policy provided in seconds.

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