London sales transactions reach all-time low

Jessica Nangle

April 26, 2017

London sales transactions are at an all-time low, data from the Land Registry suggests.

The analysis by Portico shows there were 55 transactions in the whole of the Westminster borough in February, the lowest ever recorded.

Similarly, there were 105 transactions in Wandsworth in the same period compared to 370 in 2016 showing a 72% year-on-year decrease.

Property transactions decrease by 3.3%

Robert Nichols, managing director at Portico, said: “The drop in transactions is in part explained by a big jump in sales in the run-up to April last year, when the change to stamp duty taxes came into effect, followed by an immediate fall.

“Since then, volumes have dropped to historic lows, and Theresa May’s decision for a snap general election will further subdue the market.”

The research indicates a clear correlation between general elections and sales transactions with Portico forecasting sales volumes to further decline until the General Election.

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