Activity has remained largely flat in the last three months, slightly dropping compared to the figures recorded since the beginning of the year.
On a seasonally adjusted basis, the number of residential property transactions fell by 0.5% between August 2018 and September 2018, and by 2.7% compared to September 2017, according to the latest report from HM Revenue and Customs.
Seasonal activity remains flat
Bluestone Mortgages director of sales and marketing Steve Seal said seasonal activity continued to remain flat, with rising living costs and house prices discouraging many aspiring homeowners from entering the property market.
He added: “Building more affordable housing isn’t new news. However, it’s not just a question of building more ‘one size fits all’ housing, but building stock across all the different stages of the housing cycle.
“Demand may outweigh supply in London, for example, but in other parts of the UK, supply outweighs demand due to a lack of appropriate housing stock for aspiring families or those looking to downsize.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, said that on the ground, some buyers and sellers are cautiously coming to the market but in nowhere near the numbers hoped for or expected.
“As a result, sentiment is not strong and only those prepared to negotiate hard are successful. The content of the Budget, one way or the other, will make a difference to property market prospects for the rest of this year, as will the conclusion of the Brexit negotiations.”
In September 2018, non-adjusted residential transactions were approximately 18.2% lower than August 2018.
Year-on-year, non-adjusted residential transactions fell 11.9% in September compared to the same month last year.
The seasonally adjusted estimate of the number of non-residential property transactions decreased by 6.7% between August 2018 and September 2018, standing at 9,450. This month’s figure is 7.3% lower compared with the same month last year.