The number of homes sold in the UK during November fell by 5.7%, according to the latest statistics from HM Revenue and Customs.
There were 101,960 completed sales of residential properties in November, down from October’s figure of 108,130.
However, on a year-on-year basis, November’s total was 3.0% higher compared to the 99,040 transactions seen in November 2014.
Andy Sommerville, director of Search Acumen, said the government’s efforts to help aspiring homebuyers onto the housing ladder appeared to be having a continued impact.
“It’s unlikely to be smooth sailing in 2016, however, as buy-to-let investors seek to complete their purchase before stamp duty changes come into force in April. We can expect a surge of transactions before the deadline and a levelling off from May, with a risk that ordinary buyers could be caught up in the scramble.”
Richard Sexton, director of chartered surveyor e.surv, said: “First-time buyers hold the key to the fortunes of the property market. Rising wages, low inflation and delayed interest rate rises have all played their part in helping first-timers onto the property ladder. However, there is more work to be done to get the market firmly back on its feet.
“Last month saw small deposit lending stall, totalling just 16.3% of total house purchase approvals. Lenders are willing to help, but barriers remain for aspiring homeowners. Spiralling house prices are still holding back buyers. Against this, the impact of measures such as the Help to Buy ISA remain uncertain but one solution is clear. More entry-level homes are needed. December should spell festive cheer for the property market – if Christmas wishes of more affordable homes really do come true.”
