Summer property sales fell by 4.4%, says HMRC
The housing market was tougher for sellers in July, according to a seasonal estimate by government body HMRC, after a spike in June following the general election.
Despite demand from buyers, changes to stamp duty at the end of 2014 created a sticking point, particularly in London – with house purchases during 2015 slowing at the top end of the market as a result.
The market enjoyed a busy June, as both house buyers and sellers felt confident about stability after the general election, but in July there was a 4.4% reduction in sales as life returned to normal. The month’s figures showed a total of 100,720 residential transactions and 10,100 in other categories, including property purchasers.
Looking to the future, buyers may face more pressure from a potential interest rate rise from the Bank of England.
“Many would-be buyers are keen to purchase while mortgage rates are so low,” said Doug Crawford, CEO of conveyancing services provider MyHomeMove, reported by Property Wire. “Increased anticipation of rate rises is putting greater pressure on buyers and competition for homes for sale could drive up prices further in the short term.”
When prices increase, buyers often become keener than ever to get good value for money, so can become very fussy about which homes they offer to purchase. This can cause problems for sellers who need to sell houses quickly.
If you’re struggling to sell your home, National Homebuyers can help. If you’d like to know how much you could get for your house in a fast sale, get in touch for a no-obligation offer. You can also call 08000 443 911 for a friendly chat, with no pressure to proceed.