Residential transactions fall 12.4% on an annual basis

Residential property transactions in July dropped 12.4% annually and 8.5% monthly, totalling 86,630, according to the latest figures from HM Revenue & Customs (HMRC).

The data revealed that non-seasonally adjusted residential transactions in July were approximately 11% lower than in the same month a year earlier.

Furthermore, year-to-date transaction counts demonstrated less change, with 2019-20 decreasing when compared to 2018-19, with the latest period returning to levels seen in 2016-17.

Commenting on the data, Spicerhaart Part Exchange & Assisted Move business development director Neil Knight said: “Figures released today from HMRC show that both the seasonally adjusted and non-seasonally adjusted residential transactions have fallen in July 2019.

"Seasonally adjusted show there were 8.5% fewer transactions in July 2019 than in June, and 12.4% fewer than a year ago, while the non-seasonally adjusted show a drop of 11% year on year.”

Knight highlighted that construction output figures published by the Office for National Statistics (ONS) earlier this month revealed that overall construction output dropped by 1.3%, and UK Finance’s latest mortgage trends update showed a decline in the number of first-time buyers, remortgages and homemovers in June.

“However, when you take into account that the drop-in construction output was mainly driven by a 6% decline in private housing repair and not new housing and that while nationally, mortgage transitions are down, actually, when you look at a regional picture, it is only London where the market is struggling, it paints quite a different picture,” he added.

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news by email.


Every Mortgage Tells a Story
Vida Homeloans is the award-winning specialist mortgage lender for residential and buy to let customers who may not fit the criteria currently demanded by high street lenders. View this video now on how Vida help those in their personal circumstances or their investment strategies.