LMS: HMRC UK Property Transactions Count – May 2018

Nick Chadbourne, chief executive of LMS, comments on the HM Revenue and Customs: UK Property Transactions Count – May 2018:

“May’s housing market saw slight improvements from April but continues to lag behind what we’ve seen at this time in previous years, according to HMRC’s latest figures.

“We’ve yet to see a single month in 2018 with more than 100,000 home sales – whereas last year it only dropped this low four times. The cooling in property transactions contrast sharply with the buoyant remortgage market, as many homeowners are opting to stay put and settle in for the next few years. Conveyancing volumes show a surge in remortgaging with around half of all borrowers opting to refinance onto long-term fixed-rate deals to carry them through the current economic and political uncertainty.

“Despite the Stamp Duty cut and slower house price growth, first-time buyers are still struggling to get on the property ladder. Saving for a deposit is the most significant hurdle as monthly mortgage repayments are typically cheaper than renting. More needs to be done to help first-time buyers to ensure the market gets moving again.”

Kindly shared by LMS