Ray Bolger says house prices set to fall '10% next year
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
After a boom in house sales spurred on by the coronavirus pandemic and stamp duty savings, the property market is starting to cool down with house sales considerably falling. Now, research from eXp UK, the network of personal estate agents, has revealed that reduced homebuyer activity has led to a 30.5 percent drop in UK house sales.
Over the last 12 months, there have been 843,600 sales transactions completed across the UK.
This marks a drop of 30.5 percent compared to the 12 months previous during which there were 1.2 million sales.
However, regional analysis of the UK market has revealed that each and every corner of the country has seen a decline in sales – except one.
The one UK location that has bucked this wider trend to see an uplift in transactions is the City of Aberdeen.
READ MORE: Queen Camilla tests positive for Covid – inside her £3.9million home
The city has seen an increase in sales over the last 12 months, with numbers rising by 4.1 percent.
Scotland overall has seen the smallest drop in house sales compared to other devolved nations.
Scotland has seen a decline from 121,544 transactions to 105,465, marking an annual drop of -13.2 percent.
The area that has seen the biggest decline in sales is the East of England where the annual figure has dropped by 37.3 percent from 125,808 to 78,887.
Four ‘very offensive’ plants ‘effective’ at deterring rats [INSIGHT]
‘Most effective’ tip to remove lawn weeds and ‘prevent’ them returning [UPDATE]
Houseplant expert shares how to ‘encourage’ orchids to ‘repeat bloom’ [ANALYSIS]
In the South East, sales have dropped by 37.2 percent, closely followed by the South West with a 37.1 percent decline.
The drop in transactions has also been significant in London (35.3 percent), the East Midlands (31.9 percent), West Midlands (30.8 percent), Yorkshire & Humber (29.7 percent), North West (28.3 percent), North East (23.6 percent), Northern Ireland (22.5 percent), and Wales (19.6 percent).
eXp UK also conducted a local analysis of the country so they could find where there has been the largest annual drop in sales.
Maldon, Essex, has reported the nation’s biggest annual drop in sales with a whopping 49.4 percent dip.
Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea
Uttlesford, also in Essex, reported a transaction decline of 48.3 percent, while Harborough, Leicestershire, recorded a 47.4 percent decline.
Meanwhile, the smallest decline in sales transactions have been seen in East Ayrshire (8.8 percent), Blackpool (4.8 percent), and Clackmannanshire (4.2 percent).
Head of eXp UK, Adam Day said buyers have been more cautious due to recent economic turmoil.
He said: “The UK’s housing market has cooled slightly in the past year.
“Buyers have been cautious in the face of economic uncertainty, and this has understandably contributed to a decline in the number of homes sold.
“But it’s also important to note that there was an incredible surge in market activity during the peak of the pandemic and so while this decline in transactions may seem drastic, it’s really a return to normality.
“There remains a strong level of buyer activity across the market and house prices have not tumbled in the way many predicted they would.
“The current outlook for the market is also far brighter than it was just a few months ago and so those predicting a property market crash are likely to be disappointed come the end of the year.”
Source: Read Full Article