UK housing transactions slump in January as lockdown implemented : CityAM

UK housing transactions slumped final month as a result of influence of nationwide lockdown restrictions, based on the newest figures.

HM Income and Customs knowledge confirmed the provisional seasonally adjusted estimate of UK residential transactions in January was 121,640, a drop of two.4 per cent in comparison with the earlier month.

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The month-on-month drop is a typical seasonal pattern following excessive ranges of transactions within the third quarter of the monetary 12 months.

Nevertheless the housing transactions captured a number of the influence from nationwide lockdowns that have been launched by the UK authorities in early January.

Regardless of the month-to-month drop, housing transactions have been 24.1 per cent increased than January 2020.

Jeremy Leaf, north London property agent and a former RICS residential chairman, mentioned: ‘Transactions at all times higher replicate market exercise than extra risky home costs, regardless that these are a bit of historic.

“ What they do present is that the market paused for breath in response to additional restrictions and one other lockdown. Nevertheless, renewed house purchaser and vendor exercise in the previous couple of weeks appears to be instantly associated to the vaccine rollout and potential easing of lockdown.”

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Sarah Coles, private finance analyst at Hargreaves Lansdown, added: ““It’s no shock that property gross sales fell off a cliff in January – they at all times do. However seasonally adjusted property gross sales have slumped for the primary time because the market was reopened in April final 12 months, which might be a transparent signal of issues to come back.”

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