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TODAY'S OTHER NEWS

Housing Market stagnating as Brexit rumbles on, HMRC figures show

The number of residential property transactions across the UK fell very slightly last month according to new figures from HM Revenue & Customs.

Seasonally adjusted, there were 99,420 residential transactions in April - that’s a 0.3 per cent decline month-on-month. However, annually the number of residential transactions was up 0.8 per cent.

“Transactions are holding up, probably better than expected, and no great change is likely one way or the other with Brexit resolution apparently kicked further into the long grass” according to Jeremy Leaf, a former Royal Institution of Chartered Surveyors residential faculty president and owner of his own north London agency.

“However, what the numbers do mask is extended transaction times as lack of urgency and shortage of stock are the main issues affecting the market” he adds.

Kevin Roberts - director of the Legal & General Mortgage Club - adds: “Despite greater innovation in the mortgage market and Government schemes like Help to Buy and Shared Ownership, property transactions remain stagnant.

“To really see a boost, we need to fix our country’s imbalance between supply and demand by building more homes. Not only for first-time buyers, but across all housing tenures - young and old, renters and homeowners.” 

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