Residential property sales in the United Kingdom are continuing to fall with figures showing that during July they fell by 3.2% when compared with the same month in 2017.

The data which was collected from HMRC has shown that there were 99,270 transactions on residential properties which were down by 0.8% between June and July of this year. Additionally, there were 10,960 non-residential sales, which is up by 8.1% month on month and even up by 0.5% when compared to July 2017.

The Director of Legal & General Mortgage Club, Kevin Roberts has said that the figures have confirmed that even though there is an increase in innovation within the property industry and Government schemes such as Shared Ownership and the Help to Buy Scheme, property transactions are continuing to fall. He said:

“A fundamental imbalance between supply and demand continues to stifle movement within the market, and until this issue is properly addressed, homeowners will find it difficult to downsize or upsize into better-suited properties.

“The lack of availability of appropriate housing at all stages of homeownership is restricting movement in the market and creating bottlenecks. It’s therefore crucial that the industry continues to take whatever steps it can to ease this block and make the UK housing market accessible for all.”

The chief executive officer of Resi Alex Depledge has also indicated that the figures show the challenges which face the housing market, especially in terms of demand and supply, and this is not being resolved. He said:

“‘It’s increasingly tough for homeowners or prospective buyers planning to get on or move up or down the ladder. A further slowdown in market activity is further evidence the issues that have plagued the housing sector are still no closer to being solved.

“Affordability is still a key issue which continues to lock up property chains. Those still unsure or unable to move should consider their other options. Indeed, whilst renovating or extending can at the outset seem like more hassle than it’s worth, adding space to your property can not only boost the value of the property but also provide much needed space.”

The uncertainty at the moment caused by Brexit apprehension may be causing part of this. Additionally, it could be that homeowners are looking to stay in their properties and are extending instead of moving. If you are looking to extend your property instead of relocating, why not contact us regarding planning applications in Cornwall and the surrounding area? If you have any questions regarding this, then please do not hesitate to call us on 01579 345 777.