You are here: Home - News -

Residential transactions fall in May compared to last year – HMRC

by:
  • 21/06/2018
  • 0
Residential transactions fall in May compared to last year – HMRC
Residential property transactions in May decreased compared with the same month last year, according to data.

 

Residential property transactions were up by 0.8% from April and down by 0.5% compared to May 2017, HM Revenue & Customs property statistics showed.

There were 99,590 residential transactions, provisional seasonally adjusted UK property data showed.

Non-residential property transactions increased by 1.4% in May compared with the same month last year.

For May 2018 the number of non-adjusted residential transactions was about 12.1% higher compared with April 2018. The number of non-adjusted residential transactions was 1.0% lower than in May 2017.

Kevin Roberts, director at Legal & General Mortgage Club, commented: “Monthly figures continue to fluctuate, but the underlying story is one of diminishing transaction numbers over the last few years.

“A lack of supply is the key issue here. However, until we are consistently building 300,000 new homes per year, the industry needs to knock heads together to think of alternative ways to address the housing crisis.”

L&G recently found that one in four housing transactions are funded by the Bank of Mum and Dad.

Roberts added: “That in itself is a sign of a broken market.

“Not all households are able to rely on the Bank of Mum and Dad for help, and greater innovation in the sector is needed to ensure people aren’t being locked out of homeownership.

“Whether that be creating more intergenerational mortgage products, reassessing eligibility criteria, or finding other forms of saving for a deposit; lenders, housing associations and the government need to work together to ensure that all those wanting to buy a home are able to do so.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
John Heron
Dangers of unregulated lenders pushing buy-to-let boundaries raised at NACFB

Non-bank lenders pushing the boundaries of affordability regulations are a danger to the buy-to-let market, two lenders have warned.

Close