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21 September 2017
Doug Crawford, CEO of My Home Move, comments on today’s HMRC property transaction figures for August 2017
“While there was a very slight dip in transaction volumes between July and August, today’s figures make for encouraging reading. The noticeable uptick in activity compared with the same period twelve months ago shows that despite all odds, the property market is broadly weathering the political storm which continues to rumble through the UK.
“The market is fundamentally strong and this stability is testament to its resilience. However, demand still considerably outweighs supply, and the bottom line is that we are not building enough homes to support our country’s growing pool of prospective first time buyers with knock-on effects for second-steppers.
“Despite recent lulls, prices continue to rise faster than wages, and without action to address tightening affordability, there is a risk that hopeful homebuyers without access to the ‘Bank of Mum and Dad’ will find themselves barricaded out of the market.”