Property

Property transactions down 21% in 2017

Following the latest data set from the Land Registry which details the number of property transactions for December across England and Wales, hybrid estate agent, Emoov.co.uk, highlights how the market performed in 2017 and where saw the largest number of residential sales, despite slower market conditions over the last year.

Warren Lewis
|
23rd January 2018
House Prices Down

Following the latest data set from the Land Registry which details the number of property transactions for December across England and Wales, hybrid estate agent, Emoov.co.uk, highlights how the market performed in 2017 and where saw the largest number of residential sales, despite slower market conditions over the last year.

According to the findings, during 2017, a total of 784,570 properties listed as flats, terraced, semi-detached or detached were sold, however, with slower conditions and higher levels of market uncertainty, this is a 21% decrease on 2016 when there were 996,332 transactions recorded. 

Top 10 in 2017

While London may have been hardest hit where price growth is concerned, it still accounts for the largest number of sales with nearly 85,000 property transactions completing in 2017 (84,957). However, this is down -27% when compared to the previous year.
 
Manchester places second where 13,416 sales completed last year, also down 24% on 2016.

Bristol (12,226), Birmingham (11,527), Nottingham (10,998), Leeds (9,497), Liverpool (9,243), Sheffield (7,596), Leicester (7,172) and Norwich (6,050) also placed in the top 10 for most transactions, proving the appetite for city living is still alive and well amongst UK buyers – although again, all saw transaction levels decrease by between 20% and 23% in 2017 compared to 2016.

Russell Quirk, founder and CEO of Emoov.co.uk, commented: “Now the dust has settled on a tough year we can survey the extent of the damage and while there is a notable reduction is property transactions, particularly in the more inflated areas of the property market such as London, the good news is transactions have remained fairly robust during 2017.

We were always going to see a reduction in transaction levels as many played the waiting game post-Brexit, rather than adjusting their price expectations in line with the market to secure a sale.

There is still a good appetite for property in England and Wales and while those looking to cash in on an existing investment may remain on the fence, there are still plenty of buyers willing to pay a fair market price and so those considering a sale should rest assured that now is as good a time as any to take the plunge.”

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