Andy Sommerville, director of Search Acumen, comments on the Land Registry transaction data for April:
“The slight dip in property transactions in April comes as no surprise given the frenzy and doubt around what was supposed to be the most uncertain election in a generation. Historically, property transactions pick up during the summer with improved weather conditions, and there is a chance of extra momentum this year if we see a post-election bounce. For now, conveyancers will face heightened competition to maintain business levels until activity picks up again.
“We must hope this does not signal a flat-lining market, and the newly elected government must be mindful that if house prices are not reigned in, renters will find it increasingly hard to make the step into homeownership. Supply-side measures have to be bolstered and it is positive news to see a 31% increase in house building in the first quarter of 2015 over the previous quarter and an 11% increase over last year.
“These are baby steps, of course, but hopefully a sign of progress towards a healthy and stable housing market.”