Property transactions decrease by 3.3%

Jessica Nangle

July 21, 2017

The number of residential property transactions saw a monthly decrease of 3.3% between May 2017 and June 2017, the latest HMRC figures show.

The UK property transaction count for June 2017 was 96,910 residential and 9,800 non-residential transactions, which decreased by 5.5% in the same time period.

Ishaan Malhi, chief executive and founder of Trussle, said: “There’s been a lot of talk recently of the property market cooling off, and despite a slight increase in transaction levels in May, there are now fewer properties changing hands than in the month prior.

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“There’s also the possibility that buyers are sitting on their hands until they know the full extent of the recent fall in house prices in June.”

Stephen Wasserman, managing director of West One Loans, added: “Consumer and investor confidence in bricks and mortar dipped slightly as the snap election dampened buyers’ and sellers’ interests.

“Despite this, the market is incredibly resilient and we’re confident transactions will pick up again in the coming months as the sector recovers from the initial shockwaves from the election.”

In June the number of non-adjusted residential transactions was 13.2% higher compared with May and 8.4% higher than the same time period the previous year.

Andy Knee, chief executive of LMS, said:“Although residential transaction numbers fell between May and June, other areas of the market have flourished in recent months.

“However, the long-term goal must be enabling more first-time buyers to climb onto the property ladder, which will ultimately boost transaction numbers.

“In order to achieve this, we need to ensure that a 95% LTV mortgage becomes more achievable.”

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