First Time Buyer
Property sales down after Brexit
Monthly residential property transactions fell by 0.9% in July, according to HMRC, but experts say the market has been resilient against the uncertainty surrounding Brexit.
The latest government data on housing transactions showed that the seasonal drop against 2015 was more substantial this year, as deal numbers fell 8.3% to total 94,550 in July.
However, Doug Crawford, CEO of My Home Move, said the market had largely shaken off short-term uncertainty associated with the UK’s decision to leave the EU on 23 June.
“Following the referendum there was talk that the market would be quickly affected by the outcome, but these fears have been allayed with residential transactions falling by just 0.9% month-on-month.”
Stephen Smith, director, Legal & General Housing Partnerships, added: “Whilst there has been a slight fall in transactions this month, we shouldn’t jump to any conclusions and pin the blame entirely on the vote to Brexit. Though some buyers may have held off on purchasing a property ahead of the referendum, it’s important to remember that transactions have remained static for some time now, and that the seasonal lull we typically see over the summer months is also likely to have played a role.”