Completions down 22% – but ‘momentum continues to build’ in property market
Data from estate agency network eXp UK reveals completions fell by 22.5% in Q2 compared to the previous quarter – but with sales up 13% and new listings climbing 15%, the company says housing market momentum is continuing to build.
The analysis, based on the firm’s own internal data, looked at market activity based on new listings, homes being marked as sold subject to contract, and the number of homes completing over the first two quarters of this year.
The dip in completions is a temporary reduction, eXp believes, due to the market reset following the changes to stamp duty thresholds the resulting surge in sales completing during the first quarter ahead of the 1st April deadline.
The figures also show that new listings climbed by 15.1% between the first and second quarters of 2025, which eXp UK says is due sellers keen to take advantage of improving market sentiment and greater market stability following the stamp duty rush.
While the company has seen an increase in agent numbers between Q1 and Q2 that has led to a natural boost in the level of new listings, they have also seen an 8.2% increase in the average number of listings secured per agent. These higher volumes will lead to an increase in completions in Q3, eXp said.
The number of homes sold subject to contract also increased, up 13.3% quarter on quarter, which the company attributes to the continued confidence of buyers and the growing alignment between supply and demand.
Adam Day, head of eXp UK, commented:
“Our internal figures show clear evidence that the market is moving in the right direction, even when taking into account the growing foothold we have within the market by way of increasing agent numbers.
“The rise in new instructions demonstrates that sellers are increasingly confident, while the uplift in sales agreed underlines that buyers are also returning to the market.
“Although completions dipped at the end of Q2 it’s important to note that Q1 was a particularly busy period in this respect, as those who stood to make a saving rushed to reach the finish line before stamp duty thresholds reverted back to previous levels.
“However, the increased pipeline of transactions being marked as sold subject to contract points to stronger completion figures in the months ahead, helping to maintain positive momentum across the market.”
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