HMRC – Residential property transactions down again in July
The number of residential property transactions between June and July 2018 fell by 0.8 per cent on a seasonally adjusted basis, according to the latest figures from HMRC.
There were 99,270 residential property transactions recorded in July, compared to 100,060 seen in June this year.
The July figure represents a drop of 3.2 per cent from the same month last year.
On a non-seasonally adjusted basis the number of residential transactions was down from 113,340 in June to 105,940 in July.
Of the figures, Legal and General Mortgage Club director Kevin Roberts says: “A fundamental imbalance between supply and demand continues to stifle movement within the market, and until this issue is properly addressed, homeowners will find it difficult to downsize or upsize into better suited properties.
“The lack of availability of appropriate housing at all stages of homeownership is restricting movement in the market and creating bottlenecks. It’s therefore crucial that the industry continues to take whatever steps it can to ease this block and make the UK housing market accessible for all.”
Estate agent Yopa chief property analyst Mike Scott says: “The July figures for house sales in the UK show much the same pattern as last month, with the seasonally-adjusted number down by 3.2 per cent on July 2017. This suggests that this year’s housing market continues to be slightly less active than in recent years.
“We do not expect any significant change in activity levels compared with last year as we move into the busier autumn housing market. We should end up with a total of just under 1.2 million house sales in 2018, the slowest year since 2013. However, this is still a much more active market than in the years after the 2008 credit crunch when we had a five-year period with fewer than a million house sales per year.’
Source: Mortgage Strategy