According to the report, the provisional seasonally adjusted UK property transaction count for September 2017 was 100,850 residential and 9,440 non-residential transactions.
This month’s seasonally adjusted figure is 4.6% higher compared with the same month last year. Chart 1A shows the historic time series for residential property transactions.
For September 2017 the number of non-adjusted residential transactions was about 6.8% lower compared with August 2017. The number of non-adjusted residential transactions was 1.2% higher than in September 2016.
Paul Smith, CEO of haart estate agents, comments: “Whilst it is promising to see transactions continue to move in the right direction, crippling stamp duty and the Government’s ‘war on landlords’ is still holding the buy-to-let segment of the market back.
Sales to landlords in London are still down 33% on the year, and almost 40% fewer are registering to buy. The treasury is squeezing investors out of markets like London where more homes for rent are surely needed.
Rents are rising again as lettings stock is reduced, and the Government needs to question if it is really improving fairness in the market or if it is creating even more problems for young people struggling to pay rent and who may be unlikely to ever own a home of their own. The Budget is the opportune time to take a step back and consider whether we should really be attacking private landlords who play such a major role in the supply of housing.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: "This is the latest in a series of housing data showing some softening in activity but certainly no collapse, despite a likely imminent interest rate rise and economic uncertainty.
Transaction numbers are much more relevant to us than the price changes which can reflect supply shortages rather than longer term confidence.
On the ground, trading is still tough but buyers and sellers prepared to be realistic are still making deals happen - especially at more affordable price levels."
Adrian Moloney, Sales Director of OneSavings Bank, comments: “Property transactions may be down in the last month but, discounting the Stamp Duty spike last year, activity remains broadly on a par with the levels seen since Q3 2013. Nevertheless with a growing population, standing still might as well be moving backwards, so we would like to see more signs that transactions are rising, and supply is stretching that bit further to meet demand.
Buyers have been taking advantage of historically low mortgage rates over the past few years and with mutterings of an imminent base rate rise, those considering a move will be incentivised to lock in a good rate while they have the chance. Indeed some mortgage rates are already beginning to climb ahead of the Bank’s interest rate decision next month, so we may see renewed activity over the coming months.”
Stephen Wasserman, Managing Director of West One Loans, comments: “Despite today’s figures showing a slight month-on-month decrease in property transactions, it’s important to note the figures show an almost 5% increase from the same time last year – this demonstrates an underlying confidence in the market, even at a time of continued economic and political turbulence. It’s been a challenging year, especially considering June’s snap election and last year’s stamp duty increase, but the property market has proven its resilience, and we are cautiously optimistic that this upward trend will continue in the months ahead.
During such times, however, it’s vital that investors are aware of the array of financing options available. Fast and flexible financing options, such as bridging loans, can speed up the process and enable buyers to capitalise on opportunities in the uncertain environment.”
