Official: Property transactions fell last month
The provisional UK property transaction count for September 2017 was 100,850 residential and 9,440 non-residential transactions.
This means that residential transactions decreased by 1.8% between August 2017 and September 2017, during what is traditionally a busy month for the property market.
However, this month’s seasonally adjusted figure is still 4.6% higher compared with the same month last year.
Adrian Moloney, sales director of OneSavings Bank, said of the figures: “Property transactions may be down in the last month but, discounting the Stamp Duty spike last year, activity remains broadly on a par with the levels seen since Q3 2013. Nevertheless with a growing population, standing still might as well be moving backwards, so we would like to see more signs that transactions are rising, and supply is stretching that bit further to meet demand.
“Buyers have been taking advantage of historically low mortgage rates over the past few years and with mutterings of an imminent base rate rise, those considering a move will be incentivised to lock in a good rate while they have the chance. Indeed some mortgage rates are already beginning to climb ahead of the Bank’s interest rate decision next month, so we may see renewed activity over the coming months.”