Mortgages
House sales slumped in two thirds of UK regions in 2018
The figures show England and Wales are in a ‘transaction crisis’ according to small homes provider Project Etopia, which studied the data. Overall there has been a 2.3% drop in the number of sales, despite low mortgage rates and further help for first-time buyers.
Stevenage and Newcastle-under-Lyme saw the biggest falls in transactions at 27% and 16% respectively. Cambridge, Wellingborough and Brighton were among the 10 places that experienced the largest drop in sales outside of Greater London. In the capital, Tower Hamlets and Croydon have been worst affected, with transaction levels dropping 22.5% and 15.4% respectively.
The best performing areas outside London were Chorley and Hull up by 17% and 14%.
Joseph Daniels, chief executive of Project Etopia, said: “Lack of housing stock means we’re on a merry-go-round of gyrating house prices in this country. This feeds into massive price gains that occur over just a few years, causing people to think of their house as an investment not a home.
“When storm clouds gather on the horizon they then guard their most valuable possession by sitting tight. If we had more stock, this boom and bust would be a thing of the past and the sands wouldn’t keep shifting under developers’ feet.”
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.