Land Registry Applications Increase Marginally In May
Completed land registry applications in the month to May increased marginally by 0.5%. Last, HM Land Registry completed 1,732,280 applications to change or query the land registry.
May’s total number of completed requests represents a 2.9% increase on the 1,682,690 requests made in April.
The majority of applications regarded requests for an official copy of a register. These figures have reduced from 900,402 requests made in April.
198,652 official searches or search and hold searches queries were made in May compared with 196,722 in April.
The most significant increase in applications involved postal applications from non-account holders. Postal applications enjoyed a rise of 27% last month from 15,051 in April to 19,228 in May.
Shaun Church, Director at Private Finance, commented:
“First-time buyers and those that need to move continue to account for the majority of activity across the UK property market. First-time buyers are capitalising on favourable market conditions, while there will always be homeowners that need to move, motivated by life events such as expanding families, relocation plans and changing financial circumstances.
“While this drop-in activity can largely be attributed to ongoing uncertainty across the UK, encouraging a wait and see approach amongst many homeowners, beyond Brexit there is undoubtedly a longer-term slowdown trend playing out across the market. With high levels of stamp duty, homeowners can no longer afford to move every few years. People are increasingly looking to avoid racking up significant stamp duty bills over the course of their lifetime by ‘leapfrogging’ the property ladder – pushing themselves to buy a home that will suit them not just for now, but well into the future.
“We’re seeing this long-term approach to purchasing property translating into the mortgage market, with borrowers increasingly looking to commit to longer product terms. Five-year fixed products continue to remain the product of choice amongst borrowers. Those that have made it into their ‘forever home’ might even opt for a ten-year fix, locking into the favourable rates of today for a decade.”