The estimated, seasonally adjusted number of residential property transactions increased by 3.5% between March 2018 and April 2018, but this figure is 2.7% lower than that reported during the same period in 2017, revealed HMRC’s UK Property Transactions Count – April 2018.
The statistics also found that the number of non-adjusted residential transactions was approximately 12.5% lower in April than in March 2018 and 2% lower than April 2017.
However, while residential transactions failed to improve over the 12 months, the seasonally adjusted estimate of non-residential transactions increased by 7.6% between March and April 2018. Furthermore, this figure is 6.6% higher than the percentage reported in April last year.
Commenting on the recent figures from HMRC, Bluestone mortgages director of sales and mortgages Steve Seal said: “Today’s figures reveal the sluggish nature of the housing market. House prices and transactions continue to slow and the monthly peaks and troughs of transactions fails to disguise the lack of suitable housing coming onto the market, rendering the market inaccessible to some aspiring homeowners.
“Combined with the rising cost of renting, this is preventing many borrowers from saving for both a deposit, and funds for a rainy day. Usually either/or, the majority of younger generations struggle to save for the latter and as a result, many see their credit history suffer should an unexpected illness, bill or payment occur.”
“However, a few missed payments should not be a reason why these borrowers are blocked from routes to property ownership. As an industry, we need to ensure these borrowers are provided with the support they need in navigating their way through life’s unexpected bumps and still achieving their homeownership ambitions,” Seal concluded.
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