There will be many fortunate people who have managed to sell or buy a home in 2018. However, recent statistics have shown that this year has not been particularly successful with regards to the property market, with transactions figures on the decline.
According to the Office for National Statistics’ (ONS) House Price Statistics For Small Areas In England And Wales: Year Ending June 2018, HM Land Registry recorded a drop in the number of residential property purchases.
Between June 2017 and 2018, transaction figures declined by 3.2 per cent to 865,913.
This was mostly led by a dip in the number of flats and maisonettes that were sold during the 12 months of 9.1 per cent, which represented the largest fall out of all property types.
London saw the greatest drop in terms of nominal total value of residential property transactions (unadjusted for inflation), with the housing market value falling by 5.1 per cent over the four quarters.
In the capital, sales of flats and maisonettes accounted for nearly half of its property market value, which is an increase from 44 per cent in 2007, and is significantly higher than the rest of England and Wales where it comprised of just ten per cent.
This shows that out of all the properties homebuyers are purchasing in London, the most popular are flats and maisonettes – perhaps because these are small and more affordable than houses.
However, the Halifax House Price Index recently reported a decline in average property values across the UK of 1.1 per cent over the quarter leading to October 2018. This also signified a 1.4 per cent drop in typical prices from September, taking the average cost of a home to £224,578.
Those who are moving house soon will need furniture moving pads to make re-locating heavy belongings as easy as possible.