Official figures show that property sales fell in July

Sales of residential properties have reduced significantly in the UK. There was a reduction of 8.5% between June and July, and a year on year decline of 12.4% (Official Data). HMRC’s data shows that there were 86,630 residential sales and 9,760 non-residential sales in July 2019. The number of non-residential sales also reduced by 2.8% from June 2019, and 5.8% lower than July 2018.

These statistics suggest that there are several reasons stopping people from buying and Kevin Roberts, director of the Legal & General Mortgage Club, thinks that Brexit is not the only issue.

“While Government schemes have helped thousands of first-time buyers onto the property ladder, we need to think about those further up the ladder too. To stimulate the market, the Government needs to build more housing across all types of tenure. This will provide second steppers and last time buyers with more choice and in turn, families can up or downsize accordingly,” he said.

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Stephen Charles

Tax Partner, Sheffield