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21 March 2019

In response to the latest non-seasonally adjusted housing transaction figures from HMRC released today, Neil Knight, Business Development Director of Spicerhaart Part Exchange & Assisted Move said:

“The latest non-seasonally adjusted HMRC property transaction data shows that there were 84,010 residential property transactions valued above £40,000 in February 2019, a rise of 5% compared with January’s figure of 79,340 and a rise of 2.7% on a year ago.

“It is difficult to take much from the figures, as they have remained fairly stable in February over the past five years, but we know that it is first-time buyers that are still very much driving the market, now accounting for the majority of mortgages for the first time since 1995. I think the continuing stamp duty freeze, combined with the help to buy scheme and historically low-interest rates means it has never been easier for first-time buyers to purchase, particularly new build homes.

“But with this first time buyer dominance, I think the market will start to struggle if there are not enough new homes built. Because while overall construction grew this month, private new build housing was down. I think many developers are continuing to hold back until Brexit becomes clearer, while others are struggling to sell completed builds. The Government is still pushing for more construction, especially for affordable housing, and announced in the Spring Statement plans for more new housing. But, as the Government has failed to keep its 2016 pledge for 200,000 ‘starter homes’ and with a Brexit delay until June in the cards, it shall be interesting to see how the industry reacts.

“For those developers who are struggling to shift their current stock, we work with developers offering part-exchange schemes which can offer a solution.”