Housing transactions up 2.6% from last month

Michael Lloyd

July 31, 2019

home sales

This month the number of housing transactions has risen by 2.6%, estate agent haart’s National Housing Market Monitor for July has found.

The number of viewings increased by 0.4%. New buyer registrations have risen by 2.3% on the month and by 6.4% annually.

Paul Smith, chief executive of haart, said: “It’s promising to see a slight uptick in transactions in June as the nation was momentarily distracted by the Tory Party battle for a new leader.

“Although Brexit will be at the top of the to-do list for new Prime Minister Boris Johnson, he must also see the property market as one of his top priorities.

“In his first address as the leader of the Party, he spoke of “instincts to own your own home”, but only time will tell whether this transpires into meaningful policy to help the UK maintain its status as a homeownership democracy.

“Rumours of a stamp duty reshuffle are promising. Our branches saw an annual increase in the number of first-time buyers registering to buy reach 21% in the months after the Chancellor cut stamp duty for this part of the market.

“Should Boris provide further relief for home buyers, either by expanding on the stamp duty exemption threshold or by switching the tax from buyer to seller, we could experience a similar rise in applicants registering to buy or indeed sell, depending on which option he chooses.

“However, there is more Boris could do to incentivise other areas of the market. The rental market is hitting boiling point, as landlords continue to stray away from the buy to let market and the number of tenants registering to rent continues to rise.”

The number of properties coming onto the market this month has risen by 2.2% on the month and fallen by 8.1% on the year. In June, there were 13 buyers chasing every property across England and Wales.

The average purchase price for first-time buyers has risen by 1.8% on the month but has fallen by 3% on the year.

This comes as the number of first-time buyers registering onto the market has risen by 1.9% from last month but dropped by 16.7% year-on-year.

The average property price in London has increased by 2.2% from the previous month but has fallen by 5% from 2018.

Some 3.5% more new buyers have entered the market this month and 8.7% more than last year. The number of new instructions has risen by 7.7% from last month has fallen by 24% from 2018. Sale transactions have risen by 13.5% on the month but fell by 5.4% year-on-year.

House prices across England and Wales fell by 0.3% on the month and by 2.8% on the year. The average house price now sits at £218,433.

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