British housing sales could rise by a fifth by 2020
The number of housing sales taking place in the UK could rise by as much as a fifth over the course of the next five years, according to the latest report released this week by My Home Move.
The data released by the company confirmed that as of last year, the number of transactions for house sales taking place amounted to some 1.23 million. However, by the end of 2020, the prediction is that this will increase to as much as 1.49 million per year.
According to the predictions, this would represent an increase in the space of just five years of 21.1 per cent, which is kickstarted by the forecast of a 6.6 per cent increase in 2016 alone, pushed on by landlords' intention to buy big in the first three months of the year.
Doug Crawford, chief executive officer of My Home Move, said that these predictions are indicative of overall property market health and how it will continue to improve over the course of the next few years.
He said that although house prices have been climbing ever since they fell dramatically in the aftermath of the economic recession, there is more to read into in terms of transaction numbers than price rises when it comes to overall market health, showing that there's a real intention to buy, underpinned by strong economic conditions on both national and individual levels.
"Although house prices have improved since the economic crash, property transaction levels, which are a key indicator of market health, are yet to return to their peak of 2007," he said.
"The forecast shows that the number of home purchases could see a dramatic improvement if access to home ownership for first time buyers is nurtured. In particular, we need more lending to those with smaller deposits so that average deposit sizes for first time buyers fall to ten per cent," he added.