Property transactions down 55% on
2021, according to official figures.
House prices may be
rising but sales are slowing at an alarming rate.
Recent HMRC property
transactions data for June shows there were 96,920 sales,
on a non-seasonally adjusted basis, the third slowest June for a decade and
down 4% on June 2019.
Sales are down 55% compared
with 2021, which was the busy stamp duty holiday rush period.
On a monthly basis,
sales are down 3.1%, according to the HMRC data.
The seasonally
adjusted estimate of UK residential transactions in June 2022 was 95,420 sales
- 54.3% lower than June 2021 and 7.9% lower than May 2022.
The figures are
based on stamp duty submissions.
HMRC Headline Figures
The latest
transactions data:
·
the provisional non-seasonally adjusted estimate
of UK residential transactions in June 2022 is 96,290, 55.1% lower
than June 2021 and 3.1% lower than May 2022
·
the provisional non-seasonally adjusted estimate
of UK non-residential transactions in June 2022 is 8,850, 24.3% lower
than June 2021 and 9.5% lower than May 2022
·
the provisional seasonally adjusted estimate
of UK residential transactions in June 2022 is 95,420, 54.3% lower
than June 2021 and 7.9% lower than May 2022
·
the provisional seasonally adjusted estimate
of UK non-residential transactions in June 2022 is 9,110, 21.9% lower
than June 2021 and 11.6% lower than May 2022
High Street UK
banks, like Natwest, have failed to pass on several Bank of England base
lending rate rises to millions of savers. Base rates have been steadily rising
from a low of 0.10% in October 2021, which banks have not passed on to savers.
At the same time,
they are INCREASING interest rate for borrowers who owe money on their already
expensive credit cards, and mortgage rates have risen by up to 300% from around
1% to over 3%.
NatWest increased
rates on its credit cards by 2.5% as credit card borrowing in June grew at the
fastest rate in nearly 17 years, Bank of England figures reveal. Borrowing on plastic
soared at an annual rate of 12.5% - the fastest pace since November 2005.
Mortgage rates have
also jumped in the last year adding significantly to the cost of buying a home.
For instance, a 2% increase on a £200,000 mortgage will cost borrowers an
additional £4000 per annum or £333pm. On a £250,000 loan, the extra cost is
£5000 a year or £416pm.
Most lenders will
take this additional burden into account when working out the affordability
test and adjust the borrowing level downwards. In other words, the borrow must put
down a higher deposit or pay less for a property.
The current UK base
lending rate is 1.25%.
Is your bank
branch closing down?
US Economy
shrinks as Fed hikes rates by 0.75%
The US economy contracted
0.9% for the second quarter in a row, technically though not officially
considered an economic recession.
The US central bank
has announced another large interest rate hike as it fights to control soaring
prices in the world's largest economy.
The Federal Reserve
said it would increase its key rate by 0.75 percentage points, targeting a
range of 2.25% to 2.5%. Meanwhile, banks are leaving millions of savers out of
pocket in accounts paying almost ZERO interest – which means their savings are LOSING
9.4% (the official UK inflation rate) every year.
Savers should vote
with their feet and move their money to obtain better deals – if they can find
a local branch!
Years of
artificially low interest rates have pushed millions of investors into
buy-to-let property, where the can receive much higher income, as well as
growth on their capital.
Open House South Herts
is advertising property deals in the north of the UK from just £30,000 asking
price with yields of between 10 and 15%. – see https://www.facebook.com/estateagentswatfordelstreeandborehamwood
A slowdown in the
property market means more opportunities for buyers and investor!
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