UK property figures: ONS Report
- The highest number of properties bought and sold in England and Wales in just one year was June 2007 with a mind-blowing 1.356 million houses changing ownership
- The figures for 2017 – 844,424 to the 12 month period ended March 2017.
- 37% reduction in sales since the financial crisis of 2008.
- The number of London properties sold in March 2007 was 177,401.
- The number of London properties sold in March 2017 was only 89,245 properties.
- An almost 50% drop in comparative sales
- The North-East of England property sales in March 2007 was 61,808
- That figure fell to only 33,375 properties bought and sold.
- Equivalent to a 43% reduction in house sales.
- Yorkshire and the Humber was also hard hit as the number fell by 40%.
- North-West of England and the South-East of England both falling by 38%.
These figures would seem to support the opinions of the Brexit doomsday brigade that believe that the end of the world as we know it in the UK property markets is about to end.
Well there is so much more to consider than these figures only, as UK property sales have declined, the average house price has gone through the roof (pardon the pun) making it harder for first-time buyers to get onto the ladder. The amount needed for a property deposit these days is well out of the reach of the average UK citizen, they are relaying on the Bank of Mum and Dad, maybe inheritance, two jobs and years of saving and renting, which nobody wants.
So yes these figures are nothing to sing and dance about, but they are certainly not signaling the end of the UK property markets, quite the opposite in fact as I believe those with UK property investments now hold onto them longer to reap the benefits they are looker for.
It is common sense, that the less properties available for purchase the greater the competition for those on the market.
So yes the lack of affordable housing is having an effect and one that we as a nation have been trying to address for as long as I can remember, will we make any headway in the near future, watch this space.
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