Sales volumes decline UK-wide
By Vin Parmar on 25 Jan 2018 in Industry News
Land registry data shows that the biggest declines in London and Midlands are due to sales volumes falling UK-wide. London’s sales were 6,494, down 21 per cent annually in September – higher than the previous month fall of 15.8 per cent.
In East Midlands there was a further decline to 6,099 sales, falling 17 per cent year on year in September, compared to a 15 per cent annual drop in August. In the East of England, sales dropped 17 per cent to 7,701.
There are double digit declines UK-wide apart from the North West and East of England. Transaction figures are up to August – the latest month sales volumes are available.
Annually, London fell the most in August with 7,186 recorded sales. This went down 15.8 per cent in the same period the previous year. Sales transactions across the UK were 83,374 – down 12.9 per cent annually during the period of September 2017. Sales were down 14.8 per cent to 64,812 – the biggest drop in England compared to the year before.
During November, house price growth slowed down according to the index, which shows it dropping to 5.4 per cent from 5.1 per cent in October. This was not the only thing, but monthly, prices were also down 0.1 per cent, giving an average price of £226,071 for the month.
Regionally, London and the North East are in a tie as the slowest growing regions, with rates being 2.4 per cent annually. Although the price difference is big, prices in the capital are £481.731 on average, and buyers in the North East are paying £127,737.
Jonathon Hopper, managing director of Garrington Property Finders, said: “London’s once all-conquering property market can console itself with one meagre statistic – it’s no longer outright last, just joint last. Despite the gradual slowdown in the national rate of price growth, demand remains solid in many areas – albeit with one fundamental caveat.
“Even committed buyers are deeply price sensitive, and despite today’s fall in consumer price inflation, many would-be home owners are seeing their wages shrink in real terms, causing them to watch every penny and walk away from any property they feel to be overpriced.
“The market continues to flow broadly as it should, and the stand-off between limited supply and cautious demand should nudge up prices further throughout 2018. But it will be steady progress at best.”