Latest HPI reveals December transactions fall

The latest HM Land Registry HPI has revealed a decline in annual property transactions.

According to the December Housing Price Index, there has been a fall of 0.1%  a fall in the number of seaonally adjusted transactions for properties over £40,000 year-on-year.

When compared to November, the transaction volume actually saw a decline of 1.8%.

The report does not include sales volumes figures for January and February due to the time between completion of sale and registration. As such, they have not yet reached a reliable level for reporting.

Yearly statistics for October are however available, potentially giving an indication of the trend moving forward.

In England, October saw an annual drop of 10.2% in sales, falling from 70,825 in 2016 to 63,603.

At -8.8%, Northern Ireland also saw a decline, albeit more modest, with sales falling from 6,033 in October 2016 to 5,502 the following year.

Whilst Wales saw an annual drop of 3.8% to 3,805 in October last year, Scotland’s sales volumes actually saw an uplift druing the same period, rising from 8,503 to 8,831 year-on-year. This equates to a rise of 3.9%.

Today's Conveyancer