Property And Conveyancing Update
Conveyancing And Property Update: statistics relating to the housing market present a mixed picture at present.
In October first-time buyer sales have experienced a three-month downturn, according to the latest First-time Buyer Tracker from Your Move & Reeds Rains.
First-time buyers completed 28,100 transactions in October, compared to 30,700 three months earlier in July, when the figure marked highest number of first-time buyer sales since August 2007. The difference in volumes between July and October 2015 represents a drop of 8.5% of house sales.
The picture is not quite so pessimistic when considered on a monthly or a year on year basis. First-time buyer completions fared little better when looked at on a monthly or annual basis. Between September and October 2015, the number of people who successfully managed to take their first step onto the property ladder fell by 1.7% from 28,600 to 28,100, a somewhat lesser drop. Equally, first-time buyer sales fell from 28,900 to 28,100 between October 2014 and October 2015, representing a dip of 2.8% of conveyancing transactions.
However, on any interpretation of the figures it seems that the property market remains challenging for those looking to buy a home to take the first step on the property ladder.
On a more positive note, the number of property transactions over £40,000 in October 2015 was up 6.1% compared with October 2014, according to statistics published by HMRC.
Non-residential property transactions also grew, with a total of 10,160 non-residential property transaction recorded last month – up 4.8% year on year.
However, the picture across the UK is more varied, with growth in England, Wales and Scotland but a slowdown of 4% in Northern Ireland – dropping from 2340 to 2250 year on year.
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