Housing transactions up 3% over the last year
Residential property transactions fell by 5.7% to almost 102,000 between October and November.
However, this is an increase of 3% compared to the same time last year, which saw just over 99,000 transactions, according to seasonally adjusted figures from HM Revenue & Customs (HMRC).
When the figures are not seasonally adjusted, residential transactions were 13% lower against October, but 6.7% higher than in November 2014.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “With residential property transactions down 5.7% month on month, the shape of the market is changing. We are seeing an increase in Buy to let and cash buyers, but fewer home movers and first time buyers. This is worrying as properties are not circulating as often as they used to, meaning the lack of supply continues.”
“New homeowners make up a smaller proportion of these transactions as the UK’s housing deficit persists. With the market tilted heavily towards the demand side, it remains ever important for the Government to ramp up house building and also introduce measures that encourage more efficient use of existing housing stock.”