Property transactions 'remain flat': HMRC

The seasonally adjusted estimate of the number of residential property transactions increased by 3.5% between March 2018 and April 2018. This month’s seasonally adjusted figure is 2.7% lower compared with the same month last year.

Steve Seal, Director of Sales and Marketing, Bluestone Mortgages, commented that the market seems "sluggish", while Kevin Roberts, Director at Legal & General Mortgage Club commented:

“A lack of appropriate housing stock and rising demand continues to squeeze the bottleneck in our housing market. Preventing any real momentum from forming, it is limiting the options for those looking to step on the property ladder, or up, or downsize. For us to see a real push in numbers, we need the Government to build around 300,000 homes per year to keep up demand.

“However, it’s not all doom and gloom and the housing market is still performing well. Near record low mortgage rates combined with increased product innovation means now is a great time to speak with a mortgage broker to secure a competitive deal ahead of any future rises.”

Craig McKinlay, Director of Sales and Marketing, Kensington Mortgages added:

“Property transactions have continued to remain flat, hinting to the underlying effects that a lack of housing is causing on those who are trying to move onto, or up the housing ladder.

“Whilst government initiatives aimed at boosting supply and helping first time buyers secure necessary funding are working, to encourage existing property onto the market, we need to see greater focus placed on those looking to downsize. If we removed barriers such as Stamp Duty, this would free up larger properties for those looking to move up the ladder. Although we are moving in the right direction, more needs to be done to help these older homeowners plan for later life.”