Recent figures released by the HM Revenue and Customs (HMRC) have revealed a 9% year-on-year decrease in property transactions in the UK. This is the lowest level of activity since records began in 2004.
The figures show that there were 1.3 million residential property transactions in the UK in the 12 months to the end of March 2019, down from 1.4 million in the same period a year earlier. This is the lowest level since 2004, when the data was first collected.
The decrease in property transactions has been attributed to a number of factors, including Brexit uncertainty, rising house prices, and a lack of available properties on the market. The HMRC figures also showed that the number of transactions involving non-UK residents had dropped by 11% year-on-year.
The decrease in property transactions has had a knock-on effect on the UK housing market, with prices falling in some areas and rising in others. This has caused some concern among potential buyers, who are worried about the potential for further price falls.
The decrease in property transactions has also had an impact on the UK economy, with the construction industry being particularly hard hit. Construction output fell by 1.1% in the first quarter of 2019, and is expected to remain weak for the foreseeable future.
Despite the decrease in property transactions, there are still some areas of the UK where activity remains strong. London and the South East remain popular areas for buyers, with prices continuing to rise in these regions.
Overall, the HMRC figures show that the UK property market is still struggling due to Brexit uncertainty and other factors. It remains to be seen whether this trend will continue or if there will be a recovery in the near future. In the meantime, potential buyers should be aware of the risks involved in purchasing property in the current climate.