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UK house sales fall by more than 50%

With recent HMRC data revealing that UK house sales fell by 52% in October (following the end of the SDLT holiday), but with property prices still rising, there are clear signs of a higher demand from buyers mixed with a continued decrease in supply of available properties, according to David Hannah, principal consultant at Cornerstone Tax

Regarding the outlook for the rural and city property markets in 2022, Hannah added: “I don’t think it’s a surprise that we have seen the recent 52% decrease in house sales in October, due to the end of the SDLT holiday, and I don’t think it’s anything to worry about, we haven’t yet seen the SDLT figures from November, so we can’t say whether this will be a massive deal, but what there is sign of is a significant drop in stock.

 “The (gap) between supply and demand has, inevitably, raised the average UK house price. It is unclear whether the average UK house price will continue to climb throughout 2022, as we have seen in 2021. 

“A solution to the global supply issues will cause an increased supply of new builds, providing the UK housing market with some much needed extra stock, which should subsequently decrease the average UK house prices.”

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