Property Industry Eye reported this week that new figures released by the Land Registry Office show a 15% drop in residential transactions in England and Wales last year. Although these figures are not final and will be revised, due to the time it takes to register a sale, it is still a cause for concern for agents.
Paul Smith Chief Executive of haart said, “This could be the year of the first-time buyer if the Stamp Duty cut bears fruit. However, for those in the middle of the ladder, second steppers and downsizers are still lacking the motivation to move. The Government must do more to help them, and Stamp Duty for these groups remains a big disincentive holding the market back.”
According to Zoopla, however, interest in property remains strong with an average of 53m visits to their website between October and the end of the year.