Property sales fall in September, but are still up year on year
A lack of supply of residential properties in the UK has dented the number of sales made in September, new data shows. According to the findings from HMRC, residential sales were down by some 1.8 per cent in September, when compared to August.
However, the market still continues to fare well as a whole in 2017, with September having produced almost five per cent more sales than in the corresponding month a year ago.
HMRC said that month on month, the number of sales in the UK property market has been falling since the start of the year, citing the fact that there are fewer sellers around as one of the main reasons for the drop-off in activity since January.
Richard Sexton, director of chartered surveyors e.surv, backed this opinion, stating that even though transaction patterns have remained consistent, a lack of available and affordable homes has had a negative impact on purchases.
"In order to answer this, a common goal needs to be agreed by the government and those within the housing industry to build more affordable housing. The latest announcements by Sajid Javid are a step in the right direction and with the consultation underway, now is the time for mortgage lenders, house builders, developers and the government to work together to create an accessible housing market for all," he added.
Jeremy Duncombe, director of the Legal & General Mortgage Club, also said that this was the necessary step needed to boost the market once more. He said that over the last few months, people who already own a property have seen little incentive to move up the ladder, adding that as a result, it's up to those in Westminster to do what they can to boost the sector and get people buying.
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25-October-17General Lettings News