Figures collected by HM Revenue and Customs show that sales of homes in the UK remained inactive in the autumn when compared with figures from the same period last year.
Experts believe this is due to a lack of homes on the market which meet the demand of the buyer. In October, over 100,000 properties were sold in the UK, a 16% fall from the year prior. In the months since June, the number of sales has been relatively fixed.
The BBC’s favourite buying agent Harry Pryor believes that recent figures show a varying picture across the UK, commenting, “While the market in Birmingham is red hot at present the central London market is cooling and I expect this will ripple outwards, up the M1 over the coming months.”
The housing market in London has been dampened by a number of factors, including stamp duty changes as well as a higher rate for houses worth more than £1m, with a 3% surcharge faced by landlords who operate on a buy-to-let basis.
Halifax stated that the falling rates in houses being sold was having an effect on house price growth remaining “robust” in October, stagnating at 5.2%