Housing Market Lull

HMRC Transactions are currently running at less than 61% of the long term average, indicating just how quiet the housing market currently is.

David Newnes, director of LSL Property Services, owners of Your Move and Reeds Rains said: “According to our research, the greatest fall in transactions has been for flats, which are the property type most frequently purchased by first-time buyers. They’re being hardest hit by the mortgage drought - despite the number of mortgages currently offering repayment rates below 3%, lenders are still exercising caution when giving mortgages to those with limited deposits.”