Latest data shows drop in sales volumes

The latest data has revealed that the number of completed UK property transactions is down by 11.3% compared to the previous year.

According to the most recent house price index, November 2017 saw 82,427 completed property transactions across the UK, whilst during the corresponding month in 2016, the total was 92,948. Month on month, November’s figure represented a decline of 6%.

Looking back to the same month in 2013, UK transactions were at 99,078, 16,651 more than November 2017. Whilst the difference in figures suggests a gradual decline in transactions, 2015 saw a significant uplift following a fall in 2014. As such, the 5-year trend could indicate that the market is on track for another rise this year.

The HPI also indicated that UK house prices rose by 4.9% during the past year to January 2018, representing a decline of 5% over the 12-month period to December 2017.

On a regional level, the most significant yearly price growth was seen in the East Midlands and Scotland, with a recorded difference of 7.3%. At the other end of the scale was the North East, where prices saw a modest uplift of just 0.7% on an annual basis.

The full dataset can be accessed here.


Today's Conveyancer