Property sales fall by 11.3% year-on-year in September

Real-Estate-Agent-House-For-Sale-London-700.jpgThe number of residential property sales dropped by 11.3 per cent in September compared to a year earlier and by 4.3 per cent since August.

The provisional figures from HM Revenue & Customs show that there were 93,130 transactions in September 2016

There was a large increase in transactions for March 2016 followed by a substantial reduction in April which is likely to be the result of higher rates on additional properties in April 2016.

HMRC says that other factors may have played a role as well, for example the Bank of England’s plans to curb buy-to-let mortgages resulting in a rush to purchase before April 2016, and the EU Referendum affecting transactions in recent months.

Legal & General Mortgage Club director Jeremy Duncombe says: “The market has obviously experienced a great deal of fluctuation and uncertainty over recent months – and today’s figures showing a decrease in transactions add to this tumultuous picture.

“However, it is important not to be distracted from the critical issue: a supply and demand crisis that is plaguing the housing market.

“Today marks 100 days since the new Prime Minister took office. It’s high time, as we approach the Autumn Statement, that the Government ends years of procrastination over our housing market and embarks on a radical construction programme that will see our children and grandchildren have the best opportunity to make their first step onto the property ladder.”