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sancho panza

Land Reg reveals lows for transactions-London down -26% YoY,lowest since March 09

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Spamming the Pie as ever.

Super effort at denial in the article.Paul  Smith CEO of Haart clearly hasn't been to Leicester which is leading the regional growth at the moment.

 

http://www.propertyindustryeye.com/sales-activity-back-at-2013-levels-as-land-registry-reveals-lows-for-transactions-and-faltering-price-growth/

'Sales volumes and house price growth have hit lows as the latest Land Registry data paints yet another gloomy picture of the property market.

The Land Registry House Price Index shows that transactions fell to their lowest level in more than five years during April – the latest month for which transaction data is available – down 1.6% annually to 66,017.

This is the lowest monthly sales figure since January 2013 when there were 51,419 transactions recorded by the Land Registry.

The dip is more pronounced regionally, with sales in London down 26% on a yearly basis to 5,272. This is the lowest number of transactions for the capital since the 4,097 recorded in March 2009.

All other regions of the UK also saw annual declines in sales, with the south-east down 25% to 8,258 and east England seeing transactions fall 20.5% to 5,945.

England saw the biggest annual drop in sales during April out of all countries in the UK, down 19.3% to 62,318.

Northern Ireland saw annual sales fall 13% to 5,308, while activity in Wales was down 13.9% to 3,005.

In Scotland, the market was down 9.4% to 7,371 over the same period.

House price growth also suffered, slowing from 3.5% in May to 3% in June on an annual basis, the lowest rate since August 2013.

This left average property prices at £228,384 for June.

Commenting on the figures, north London estate agent Jeremy Leaf said: “House price growth outside of London is being supported by a continuing shortage of stock whereas the capital and the south-east can’t hide behind this excuse any longer.

“Price drops are continuing and reflect a new realism in the market.”

Paul Smith, chief executive of haart estate agents, tried to paint a more optimistic picture.

He said: “The UK property market remains buoyant with prices increasing 3% year-on-year in June.

“Regardless of Brexit, demand is clearly still driving prices forward, and on the ground we are seeing 22% more people registering to buy than the same time last year. Unemployment is at its lowest level since 1975, and despite the recent interest rate hike, mortgages are still historically low and extremely accessible.

“Westminster and market commentators alike need to step outside their London-centric bubble and look at the bigger picture.

“Middle England is thriving – prices in areas of Birmingham, Nottingham and Leicester rose by a huge 10% on the year, and families across the UK looking for a semi-detached home are having to pay almost £10,000 more than they were the same time last year.

“Hardly signs of a market that is slowing down. There remains an imbalance between supply and demand, making now a good time to sell.

“However, some areas of the market are suffering. Government policy on buy-to-let is clearly having a detrimental effect. Landlords are exiting the market in their thousands and as a result rental prices are soaring.

“Ahead of the Budget this autumn, Philip Hammond and Treason May must seriously consider making a significant Stamp Duty cut for investors and downsizers, to ensure the UK property market remains an attractive investment for many years to come.

* Data from the ONS showed annual private rental price growth slowed from 1% in June to 0.9% in July 2018.

In England, private rental prices grew by 0.9% annually in July, down from 1% in June. Wales saw annual growth slow from 1.1% to 1% over the same period, while Scotland saw rental prices increase by 0.5% during July, compared with 0.6% in June, the ONS said.

In London, private rental prices fell further from the 0.2% recorded in June, to 0.3% in July, the lowest annual rate since September 2010.'

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32 minutes ago, sancho panza said:

 

“Ahead of the Budget this autumn, Philip Hammond and Treason May must seriously consider making a significant Stamp Duty cut for investors and downsizers, to ensure the UK property market remains an attractive investment for many years to come.

Yes boomers with their untold property gains really should get a tax cut, reckon there will be people in London setting themselves on fire such is the injustice if they dont.

Investors aka landlords who've bid up property as beyond any kind of economic logic who've made off life bandits also deserve a handout for being entrepreneurs who are only allowed to make the right choice.

I hope to fkcn god those Keynesians property bubble blowing tuncs that are May and Hammond are out of a job by the next budget, their replacements will struggle to be worse.

Oh and they did drop SDLT for first time buyers1 year ago, and only 3 years ago they lowered SDLT for houses under £950k. As BTL has continued growing they may well see extra SDLT for 2nd home buyers this November no matter who is in charge.

 

Edited by Banned

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8 hours ago, Banned said:

Yes boomers with their untold property gains really should get a tax cut, reckon there will be people in London setting themselves on fire such is the injustice if they dont.

Investors aka landlords who've bid up property as beyond any kind of economic logic who've made off life bandits also deserve a handout for being entrepreneurs who are only allowed to make the right choice.

I hope to fkcn god those Keynesians property bubble blowing tuncs that are May and Hammond are out of a job by the next budget, their replacements will struggle to be worse.

Oh and they did drop SDLT for first time buyers1 year ago, and only 3 years ago they lowered SDLT for houses under £950k. As BTL has continued growing they may well see extra SDLT for 2nd home buyers this November no matter who is in charge.

 

Got that right.

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