Property sales slowdown in April

Property sales fell dramatically in April compared to March’s sales. This included the decreasing amount of mortgages being took out in April.

 

The amount of transactions of residential properties being sold has decreased by 22.5% between March and April, according to HM Revenue and Customs (HMRC).

 

The dramatic decrease could be due to some of the tax changes which were implemented at the start of the new tax year (start of April). However, this could not have solely changed these figures, therefore another factor must have implemented this.

Marketers view

Many marketers state this decline has been trigged from the political stance in the UK. Due to the Brexit vote last year or the decision of the snap general election in April. This has all had a factor on the housing market. However, sales in April 2017, have decreased the most since last year’s EU referendum vote, showing that prospective buyers were holding back on purchasing properties last month.

 

Sales fell to 83,010 in April compared to 107,090 in March. This is a huge decline on a non-adjusted basis.

 

In addition to this, landlords were not taking out as many mortgages as usual, with a decline of 20.4% according to Equifax. Ordinary buyers were not taking out mortgages too, this has dropped by 15.1%. Showing that the overall attitude to purchasing houses has declined.

 

However, if you have recently bought a property, whether you are a homeowner or a landlord. We have property and landlord insurance, for more information on these products click here. Or if you would like to speak to us contact us on 0191 482 0050.

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