Latest data shows fall in sales volumes
The latest data has revealed that the number of completed UK property transactions is down by 15.4% on the previous year.
According to the most recent house price index, February 2018 saw 51,340 completed property transactions across the UK, whilst during the corresponding month in 2017, the total was 60,662. Month-on-month, February’s total sales are down by 2,437 since January 2018.
Looking back to February 2014, UK transactions stood at 64,181 – 12,841 more than the same month in 2018. Whilst the difference in figures suggests a gradual decline in transaction volumes, 2016 saw a substantial rise to 65,124 following a decline in the previous year. As such, the five-year trend could indicate that the market is in line for an uplift in 2019.
The HPI also indicated that UK house prices rose by 3.7% during the past year to April 2018, having grown by 1.1% month-on-month. This takes the average property value in the UK to £243,639.
ON a regional level, the most significant yearly price growth was seen in the North East, with a recorded difference of 4.2%. In contrast, the East of England saw the greatest monthly fall in price, down by 0.8%.
The full dataset can be accessed here.