Boring historic data can still tell a story
New data from the Land Registry lays bare the extent to which the housing market across England and Wales was already suffering before the Brexit vote.
The data relates to the second quarter of this year and shows a fall in sales volumes. In England and Wales 115,895 sales were registered. These were down 30% on the first quarter and represented the lowest quarterly level of sales on record. The Land Registry has been recording sales since 1996 and pre-credit crunch, the average sales volumes per quarter was 245,173.
In England and Wales, house prices fell 4.45% in the second three months of this year, compared with the first quarter, to stand at £268,713.
According to a recent report, all parts of the housing market were adversely affected in the second quarter of this year, the only exception being prime central London’s private rented sector. HMRC reported 109,630 residential transactions in August and was the second highest figure of the year, beaten only by March’s 171,370. The August number is almost identical to the 109,480 transactions recorded by HMRC in August 2015.
The fact that the market was showing signs of slowing before the EU vote meant that during the immediate post vote period, the concerns over Brexit were even more understandable. The inevitable preoccupation with summer holidays added to the mix, so the market didn’t really improve until September. The fact that some senior professionals were talking down the market immediately following the vote certainly did not help.
However, things have definitely picked up in Witney and West Oxfordshire. We are now placing many more properties on the market and successfully arranging sales. This is almost certainly due to the Brexit aftermath being short lived, strong autumn buyer interest and the pundits becoming more optimistic. Nevertheless, we live in interesting times and good advice in essential.
For a Free Valuation and expert analysis of your personal property situation, please call one of our senior valuation team on 01993 779020. There is absolutely no obligation to proceed further.