Property Transactions Continue to Decline in September

Residential property transactions saw a year-on-year, seasonally adjusted increase of 4.6% in September, according to the latest statistics by Her Majesty’s Revenue and Customs (HMRC), indicating a slowdown from the 6.6% annual rise reported the month before.

As the lack of supply continued to weigh heavily on the market, transactions dropped by 1.8% from August’s total, to just 100,850.

Non-residential transactions saw a more negative picture in September, as the number of sales fell by 7.8% over the month of September.

Furthermore, an annual decline of 10.5% was also reported last month, as the total number of non-residential transactions reached 9,440.

Commenting on the report, the director of the Legal & General Mortgage Club, Jeremy Duncombe, said:

‘With no real incentive or boost for house building, supply remains subdued and buyer activity remains sluggish. The only way we will see transaction numbers grow is with an injection of activity into the house building sector that has to be led by No 10.’

In the light of recent announcements by the government, he continued:

‘Only time will tell if they can deliver on their promises. Otherwise, intergenerational inequality in the housing market will continue to rise, with Generation Rent struggling to become Generation Buy.’