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House sales down in March - false indicator

The dramatic drop in house sales, comparing this March to a year earlier, is not a true indicator of the market, according to a Shropshire land agent.

Head of sales at Balfours says that the stamp duty holiday, which was originally due to end in March 2021, sent market transactions skyward. He explains: “HM Revenue and Custom figures say 114,650 property transactions took place this March, 2022, which was a slip of nearly 36% on 12 months previous. However we must not read too much into this. Actually, house sales remain strong if you take the past five years into account; particularly since demand continues to significantly exceed supply.”

Alistair flags pre pandemic March 2019 when 98,500 houses were sold, and even the same month in 2020 the figure was nearly 20,000 transactions less than in March 2022, which is still one of the strongest sales months in recent years.

“The biggest issue, currently, is the lack of stock – it remains the case that those who are coming to market as vendors are enjoying a very active and buoyant trade. Yes, the talk is all about the hike in the cost of living, but for some that means taking action to realign their finances, investment and outgoings. Certainly at present it remains a sellers’ market and while it might calm, the industry thinking is that buyers waiting for a significant dip/bargain, might be disappointed,” Alistair adds.

Picture Alistair Hilton, head of sales at Balfours

Issued by and more information from Joy Fox Pr 07841 763 530

Alistair 2021

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