Buyers and sellers in Britain’s housing market remained subdued in January, with stamp duty and Brexit uncertainty adding to the traditional new year slowdown, suggested data published by HM Revenue & Customs (HMRC) yesterday.

The statistics revealed that residential transactions increased by just 0.8 per cent between December and January, marking a 1.3 per cent rise when compared to the same period a year earlier.

The figures supported the idea that many buyers and sellers in the UK are reluctant to proceed with their plans until there is more certainty surrounding Brexit. Furthermore, there has been a swathe of recent data highlighting that transactions in the property market have largely remained flat, despite a surge of activity from first-time buyers.

Commenting on the figures, Bluestone Mortgage director of sales and marketing Steve Seal said: “Today’s figures show the sluggish nature of property transactions. Monthly peaks and troughs fail to disguise the lack of housing, rendering the market inaccessible to some aspiring homeowners.”

Seal acknowledged that house prices are rising at “a more steady rate”, but added that the rising cost of living is “preventing” many borrowers from saving for both a deposit and funds for a rainy day.

“It’s usually either/or, and the majority struggle to save for the latter. 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 for these borrowers to be blocked from home ownership. As an industry, we need to ensure these borrowers are provided with the support they need in navigating their way through life’s challenges and still achieving their homeownership ambitions.”

The figures were published on the same day as Savills cited Brexit uncertainty as part of the reason for a drop in volume in commercial real estate, which dropped by 5.7 per cent year-on-year in 2018, falling to £62.1bn.

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