Number of house sales continues to fall
While the country continues its trajectory through turbulent times – with the Brexit negotiations, the surge of the Labour party and a lack of new-build homes – the total number of houses sold is continuing to fall year-on-year.
It’s been a decade since the last major financial crisis in living memory, and according to recent figures, its effects are still being felt throughout the housing industry.
The research, carried out by Lloyds Bank, has revealed that in many parts of the country, the number of house sales is still falling – and the number of house moves has dropped by as much as a third.
With house prices at a near all-time high, potential buyers are being forced to save for longer and seek out much cheaper homes for which they can gain mortgage approval, thanks to the increasing wage gap.
In 2016 alone, the vast majority of local housing authorities recorded a drop in the number of house sales, with every authority announcing a lower level of sales than a decade previously.
“The recovery in the housing market has stumbled during the past year with sales declining in all regions,” said Andy Mason of Lloyds Bank.
“Despite record low-interest rates and government schemes, such as Help to Buy, sales remain significantly below the levels seen at the height of the last housing boom.”
Even more worrying for industry professionals is the fact that the lower rate of sales is forcing companies to make unplanned budget cuts – Countrywide, the country’s largest estate agent was forced to close 50 branches last year alone.
And it’s not just those within the property industry suffering. Many stores who rely on customers to furnish their new homes with furniture and electronics are also taking a hit as people stay in the same place for longer.
Despite a number of government initiatives to boost the market, many high-end homeowners looking to sell their house fast are finding it impossible to find buyers with the necessary resources, and without an uptick in the number of new-build constructions, the situation is unlikely to improve anytime soon.
While the government repeatedly try to present an optimistic view of the future for younger generations, the shadow of Brexit continues to loom over the country leaving a vast majority of the country in limbo with regards to the best way to proceed – and if the rumours concerning the potential economic downfall do bear fruit, the UK will face an uncertain future.
Can’t afford to wait around to find a buyer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.