Property transaction figures for January down 2.8%

Property transaction figures for January down 2.8%

According to the latest data from HMRC, the provisional seasonally adjusted UK property transaction count for January 2016 was 105,940 â€â€œ down 2.8% from 109,020 in December 2015.

On an annual basis, this month’s seasonally adjusted figure is 9.7% higher compared with January 2015 (96,600)

For January 2016 the number of non-adjusted residential transactions was about 27.5% lower compared with December 2015

Andy Sommerville, Director of Search Acumen, comments: “Although residential transactions have experienced a slight dip in January 2016 from December, the number of transactions are still notably higher than the same time last year, an indication that while the market may be jittery due to global uncertainty in the short term, we’re in a much better position than in January 2015.
This doesn’t mean we shouldn’t brace ourselves for a buy to let surge before April though and the full picture of the government’s intervention into buy to let is likely to reveal itself at the end of the first quarter.

While lack of affordability and housing supply remain a key issue, this month-on-month dip should be seen in the wider context of uncertainty around Brexit and turbulent stock markets at the beginning of the year.”

Brian Murphy, Head of Lending at Mortgage Advice Bureau (MAB), comments: “Strong market conditions prompted a solid annual increase in the number of residential transactions this January, despite the typical monthly fall from December as activity from buyers and sellers tapered off after the end of the year .

While house prices have risen over the past year, buyers have been supported by moderate increases in average incomes, all time low mortgage rates and a strong appetite among lenders to lend. Mortgage Advice Bureau’s latest National Mortgage Index* shows that consumers could choose between the highest number of mortgage products since January 2008, providing them with plenty of options to suit their personal needs.

Despite the fact that rising prices have clearly not put a dampener on activity, policymakers need to work hard to ensure that the market is accessible for first-time buyers and borrowers on modest incomes. While conditions are good for those who can meet affordability criteria and raise a deposit, it is important to ensure that a diverse range of prospective buyers are supported in accessing the housing market.”

Andrew Bridges, managing director of Stirling Ackroyd comments: “Even as the housing market builds a head of steam, there isn’t as much movement as might be hoped for.

Our capital is a case in point. London’s property market has gallons of untapped potential. Yet a lack of supply is pushing people to stay put for longer, reducing the flow of homes onto the market. London’s rising population will only worsen this supply shortfall. And this rising tide of people is coupled with shrinking households, alongside ageing housing stock that no longer matches up with modern life. Our research shows that fewer people are living in London’s homes – the average household is likely to include just 2.3 people per home by 2020. This means even more homes are needed on the market. New builds are a crucial component of this. But refurbishment, renewal and motion matter too. The property market must keep people moving, downsizing and relocating.

Escalating stamp duty charges are largely responsible for this slowdown – deterring people from a change of scenery. These charges now apply to nearly every residential transaction in London. So new measures or more effort from the Government are needed to encourage moving – and wake the London property market out of its current slumber.”

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daniel black
daniel black 25 Oct 2016

I've been keeping a close eye on what the effect of Brexit has been on the rental market and it's a very mixed bag. Whilst the majority of the news focuses on London's market. I think this time next year...

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Northerner 20 Oct 2016

Any views from outside the M25? No wonder politicians can't get the housing big picture when everyone seems to think that London is the yard stick, when it absolutely is not.

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Sean Lees
Sean Lees 13 Oct 2016

I think that the pest control really depends on the situation. If the tenant moved in and found an infestation that needs pest treatment service, I think it's more reasonable that the landlord should pay...

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Kevin 13 Oct 2016

Please Sian Berry Dan Wilson Craw LANDLORDS DO NOT WANT TO RAISE RENTS They are being forced to because of Section 24! An unfair, punitive tax hike that will be a disaster Green Party, Generstion...

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Fletcher88 11 Oct 2016

Absolutely agree! Moreover property prices edged up with 0.7% this month as the market recovered from the initial Brexit hit

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Gary Das
Gary Das 06 Oct 2016

A lot of lenders (especially the high-street banks and lenders people approach first) could do more to accommodate for the self-employed. It can really be a struggle, as I found out myself last year when...

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richardrawlings 04 Oct 2016

Not sure I understand this! If Basildon and Hemel rose 68% and 52% respectively, why do they not appear in the top ten list, which appears only to feature those in the minus 20's!! Is it me?

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luxus 27 Sep 2016

It can be stressful. More clarity is needed on the process, from a customer perspective and consideration should be given to using the Scandinavian model where the sales process is much quicker.

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Melissa_Green 26 Sep 2016

Green belts are normally designated around capitals and other major cities and conurbations and their aim is to prevent urban sprawl by keeping land permanently open. The essential characteristics of green...

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Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

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Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

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Homebuyerconveyancing 15 Sep 2016

We are seeing a massive influx of Homebuyers using online Estate Agents. The winners are the online portals that still aim to manage the customer journey to homeownership. They provide a valuation service,...

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