The first set of figures for the year from HMRC show that there were 0.8 percent more residential property transactions in January than there were in December. This adds up to a total of 101,170 properties changing hands (when seasonally adjusted), which is some 1.3 percent higher than the number recorded for the same period a year ago.
Zoopla’s Richard Donnell says: “The background for housing sales remains broadly positive with employment levels hitting record highs, continued low mortgage rates and growth in first-time buyer numbers. Although market forces have impacted sales volumes in London and the southeast, which is acting as a drag on overall residential transaction volumes, the annual increase in property transactions is a reflection that, despite increased uncertainty, households continue to make decisions to buy and sell a property. Our analysis shows mortgaged homeowners accounting for 71 percent of sales, up from 61 percent in 2015 when investors and cash buyers were more prolific.”
We believe that the HMRC figures reflect what we at ‘Iles & Jenkin’ are presently experiencing here in Worle. Overall, buyers are cautious, and sellers are still reluctant to make significant price reductions. But despite this, there is no sign of any major corrections in the market, even though sales can be a little more challenging to negotiate and once the sale is agreed, they are taking a little longer to complete. Looking ahead, we believe demand will increase when political and economic uncertainty reduces a little.
There is no denying that the property market is highly susceptible to external political and economic factors, yet considering we are on the brink of tumultuous political change we feel that the property market is holding up better than many in the industry predicted, which can only be good news for local homeowners. At the end of the day, whatever else is happening - life goes on. So, if you want or need to move, there really is no time like the present!
Call ‘Iles & Jenkin’ today on 01934 512537 and let our experienced team help make your moving plans a reality.