You are here: Home -

Housing transactions remain flat

0
Written by:
23/02/2018
Over the last year there has been a slight fall in the number of residential property transactions, which are still significantly down on pre-crash levels
Housing transactions remain flat

Residential property transactions increased by 1.3% between December 2017 and January 2018 to 102,610, according to HM Revenue & Customs.

However, the figure is 0.1% lower compared with the same month last year, and still far below pre-crash levels, which peaked at 150,000 a month.

Non-residential transactions followed a similar pattern. They were also up slightly between December and January (0.6%) but down 1.1% year-on-year.

John Eastgate, sales and marketing director at OneSavings Bank, said: “Transactions levels reflect the ongoing challenges of mortgage affordability.

“Whilst there have been any number of demand side initiatives, such as Help to Buy and the recent SDLT changes for first time buyers, these are piecemeal approaches to housing policy at a time when it needs to be more holistic.”

“Recent figures from The Institute of Fiscal Studies’ highlighted the scale of the collapse of homeownership among 25-34 year olds, where homeownership fell from 65% in 1995/6 to 27% 20 years on. We need to reflect on the complexities that have created this situation rather than looking for a miraculous silver bullet.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2019-2020

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
retirement
Six in 10 people don’t have a will

Don't assume that you are 'not rich enough' to plan exactly how your estate - including your property - should...

Close