Latest figures from HMRC show that residential property transactions in November grew 0.1 per cent on a monthly basis, at a total of 100,930 completed.
Seasonally adjusted, transactions dropped 0.5 per cent when compared to the same month in 2017.
Measured on a non-adjusted basis, monthly growth stood at 5 per cent and yearly at 7.5 per cent.
This compares to last month’s figures, which shows that from September to October, transactions of this type grew by 0.9 per cent, and annually, by 1.3 per cent.
North London estate agent Jeremy Leaf says: “After fairly positive figures in October, what’s happening at the property market coalface has caught up with transaction numbers, which are in any event a little historic. As always, transactions are a better indicator of market strength than more volatile prices.
“In 2019 the big question will be whether continuing supply shortages, improving affordability, very low unemployment, mortgage rates and supporting prices will prevail over political uncertainty. We are already seeing signs of many getting fed up with waiting so anticipate a fairly similar, subdued, market in the first few months of the year.”
Yopa chief property analyst Mike Scott adds: “The total number of house sales for 2018 will end up being just under 1.2 million, which is 2 to 3 per cent down on the figures recorded in each of the previous four years, but still well ahead of the 858,000 sales in 2009 at the height of the credit crunch and far behind the figures of over 1.6 million from both 2006 and 2007 during the housing boom. We are still in a normal housing market, and we see no sign of it tipping over to either boom or bust in 2019.”