View more on these topics

Property transactions fall 7.3% in November

There were 97,600 residential property transactions in the UK in November, an increase of 0.8 per cent on October but a fall of 7.3 per cent on the same month last year, according to HMRC statistics.

For the year, the report shows a large increase in transaction in March, followed by a substantial fall in April, likely associated with the introduction of the higher rates on additional properties.

However, whilst April and May 2016 are lower than the corresponding months in 2015, HMRC found the total for Q1 to Q2 is substantially higher than the same period in 2015.

House-Home-Property-Ladder-Mortgage-700x450.jpg

March 2016 recorded the highest number of transactions in the last ten years.

West One Loans managing director Stephen Wasserman says: “An increase in transactions for the second consecutive month is a positive indication that the property market is continuing to pick up.

“The appetite for property financing remains strong, despite the widespread economic turbulence which has shaped 2016.  Certainly, with divided opinion across the sector and mixed messages filtering through, there is little consensus for investors as to the state of the UK property market as the year ends.

“However, we remain optimistic for 2017’s prospects, and anticipate many home buyers, buy-to-let and second home buyers will continue to emerge.”

However, Legal and General Housing Partnerships director Stephen Smith says the figures are indicative of the supply and demand crisis in the housing market.

“Although we have seen a slight rise in property transactions this month, house purchases remain significantly down on last year,” says Smith.

“An ongoing lack of supply in our housing market is key to this, pushing up house prices and forcing many first time buyers out of the market. Throughout the past year, average house prices in London have increased by 7.6 per cent, whereas the average wage in the capital has risen by only 1.7 per cent.

“Our nation’s housing shortage is a long term issue that requires a long term solution. Looking towards the New Year, the Government needs to prioritise rebuilding this essential sector by implementing innovative house building initiatives and following through on its pledge of building one million homes by 2020, if not more. Only then can we be confident that we will see a positive, lasting impact on our housing market.”

The total seasonally adjusted number of transactions in the UK for the year to November 2016 was 1,322,060, compared to 1,199,780 in the same period last year.

Recommended

House-Home-Ad-In-Paper-700.jpg

Property transactions up 9.7%

The number of UK residential property transactions increased 9.7 per cent year-on-year in January, according to HMRC. Last month there were 105,940 transactions, on a seasonally adjusted basis, which is was a 2.8 per cent fall on December’s figures. At 9,600, the number of non-residential transactions was down 1.4 per cent year-on-year. Mortgage Advice Bureau […]

House-Home-Property-Ladder-Mortgage-700x450.jpg

Property transactions up 6.1% year-on-year

Residential property transactions grew 6.1 per cent year-on-year in October, says HMRC. There were 105,490 residential transactions last month – up from 99,290 in October last year. On an annual basis, residential property transactions grew 2.4 per cent to 101,030 in England, 4.2 per cent to 4,950 in Wales and 5.5 per cent to 9,780 […]

Real-Estate-Agent-House-For-Sale-London-700.jpg

Property transactions reach 16-month high

The number of residential property transactions reached a 16-month high in June, according to new figures from HMRC. There were 104,590 residential property transactions last month – the highest monthly total since February 2014 – which is a 3.2 per cent increase on the previous June. On a monthly basis, the number of transactions rose […]

Guide cover

Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them
Abe and Modi

India: Modi, reform and the oil price fall

Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?

Newsletter

News and expert analysis straight to your inbox

Sign up