residential property sales
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Latest property news
East of England sees highest drop in property sales and SSTC
Street.co.uk Co-Founder Heather Staff says higher mortgage rates are having a pronounced effect on buying power as budgets are squeezed.
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Latest property news
Auction revenues rise despite sales slip
Increasing property prices helped to boost auction revenues across the UK in 2015 in spite of a decline in the volume of lots offered and sold, new market analysis has revealed. The Essential Information Group (EIG) has published its residential auction market review for 2015, which provides a detailed account of the trends witnessed in the market, and it shows a 3.4 per cent year-on-year rise in auction revenues last year, led by the South East, up 23 per cent, South West up 14 per cent and Scotland, up 34 per cent. “Since 2010, when the amount raised fell to a ten year low of £2.22 billion, revenues have been heading skywards and last year more than £3.16 billion worth of residential property was sold under the hammer,” said David Sandeman (left), Managing Director at EIG. “It is widely expected that house prices will continue to rise (in 2016) albeit at a slower rate than has been seen in recent years.” There was an increase in revenues despite a 4.5 per cent year-on-year fall in the number of lots sold last year. After recording four consecutive years of rising sales, figures show residential sales fell to 20,845 lots in 2015,…
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Housing Market
Residential transactions rise again
Residential property sales in the UK have exceeded 100,000 per month for a fifth month in succession with purchasers taking advantage of low mortgage borrowing rates. The latest official transaction data from HMRC reveals that the provisional seasonally adjusted UK property transaction count for October 2015 was 105,490 residential and 10,160 non-residential transactions. However, sales still remain significantly below the monthly tally of almost 150,000 recorded at the height of the property boom in 2006. This means residential purchases in October fell month-on-month by 0.2 per cent but on a 12 month basis rose by 6.3 per cent comparedwith the 99,290 recorded in October 2014. “In October 2014, the residential market cooled slightly following a busy summer – but this year the market shows little sign of slowing down,” said Brian Murphy (left), Head of Lending at Mortgage Advice Bureau. “Demand from potential buyers remains high, with many taking advantage of the excellently priced mortgage rates available on the market,” he added. Despite a slight correction in property transactions on a monthly basis, the UK housing market remains “head and shoulders above a year ago”, as buyers take advantage of a wave of “low interest rates and attractive mortgage products”,…
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Housing Market
Property transactions go from ‘strength to strength’
Residential property sales in the UK hit an 18-month high in August, following a 3.1 per cent month-on-month rise, the latest figures published by HMRC have revealed. The seasonally adjusted data shows that 106,480 property transactions took place in August – more than any month since February 2014. It is the third month in succession the home sales of more than 100,000 have been recorded, which is welcome news for agents. But sales still remain significantly below the monthly sales of close to 150,000 recorded at the height of the property boom in 2006. The seasonally adjusted estimate of the number of residential property transactions in August rose by 5.7 per cent compared with the corresponding month last year. Peter Rollings (left) CEO of Marsh & Parsons, commented, “Taking into account seasonal adjustment, property sales are going from strength to strength, and showing great improvement from this time last year. “With the spectre of higher interest rates being kept at bay, buyer demand is in full swing and summer sales have continued to blossom in August. After slightly fewer home sales than we would expect in a typical July, buyers last month were showing a new enthusiasm and readiness to…
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Housing Market
First-time buyers return to the market
Almost a third of all residential property sales in February were made to first time buyers, suggesting that market conditions are improving for first-time buyers, according to a new report. The findings, by the National Association of Estate Agents (NAEA), revealed that its member agents found that 30 per cent of homes were sold to first-time buyers, the highest figure since September last year – and since records began six years ago. It is clear from the findings in the report that things are starting to ease for first-time buyers, and Mark Hayward (left), Managing Director at the NAEA, believes that this could be down to reduced property prices or more accessible funding, especially following December’s stamp duty reforms. “We will all be waiting with bated breath to see if the first time buyer figures increase following the new Help to Buy ISA, and whether we see real momentum in the market,” he said. “It still remains notoriously hard to get cut-through in the property market, especially for first time buyers, so any green shoots are encouraging.” The findings in February show that demand for property rose, with 366 house hunter’s registered per NAEA member branch, up from 353 in…
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