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Latest News From My Home Move - the UK's leading conveyancer

Dev Malle, Group Sales Director at myhomemove, comments on HMRC transaction figures for February published today

 

“The housing market has been rife with speculation about whether the general election will cause a big slowdown in the property market, and February’s figures reflect the further tapering of activity by buyers and sellers alike as uncertainty looms. However, the year-on-year comparison between this year and last makes for more encouraging viewing than many anticipated; a seasonally adjusted fall of 7.9% compared to last year certainly doesn’t suggest that the life has been sucked out of the market. We expect the number of housing transactions to continue their long-term recovery once greater certainty is in place after the election.”

“Aside from the political uncertainty caused by the general election, our view is that this year looks set to be a very favourable time for buyers and sellers alike. We expect housing market activity to improve as consumer confidence continues on a positive trend, fuelled by 0% inflation, falling unemployment levels and improving real wages. Easier access to capital combined with low Bank of England interest rates mean that lenders are likely to continue with aggressive mortgage pricing.”

“A cooling in London’s property market in particular has made house price inflation at a slower pace more sustainable, with today’s ONS house price index showing that the rate of inflation is slowing down, but still above 8%.”

“Overall the outlook for housing transactions is positive and sustainable, particularly as the political parties have made new build and housing supply a key part of their election campaigns so far.”

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