An interesting article in Today’s Conveyancer highlights the myriad of data currently circulating around the residential property market.
According to HM Land Registry’s ‘Price Paid’ data for March, sales received had fallen 29 per cent from 78,243 in February to 54,785. March’s total had almost halved when compared with 95,982 sales received for registration in January. Conversely, Nationwide’s ‘House Price Index’ for April suggests that the impact of the pandemic is not reflected in their latest index after house price growth continued to increase at its fastest rate since February 2017.
Robert Gardner, Nationwide’s Chief Economist, said:“Annual house price growth increased to 3.7% in April, up from 3% in March – the fastest pace since February 2017 (when annual growth was 4.5%). There have been month-on-month gains for the last seven months in a row, after taking account of seasonal effects.”
He went on to warn caution though as much of that data came from applications that had started before lockdown, the the true impact is not yet known. He stated that the medium-term outlook is “highly uncertain”
“But the raft of policies adopted to support the economy, including to protect businesses and jobs, to support peoples’ incomes and keep borrowing costs down, should set the stage for a rebound once the shock passes, and help limit long-term damage to the economy.
“These same measures should also help ensure the impact on the housing market will ultimately be much less than would normally be associated with an economic shock of this magnitude.”
Richard Pike, Phoebus Software sales and marketing director, commented: “…we are hearing more positive comments from the government that it is planning an easing of the current measures. Whilst, in our own market, we are already hearing brokers reporting an increase in new-build enquiries. So, perhaps, this heralds the return of at least a little confidence.”
Whatever the future brings, our nationally recognised Residential Conveyancing Team headed by Partner Jenny Woodruff, are here to help. They are currently progressing many empty property transactions, Transfer of Equity, remortgage and equity release matters, whilst also progressing sale and purchase transactions to the cusp of exchange ready for when restrictions are eased.
Our message is simple, we are still open, we are still here for you, and we are still All The Help You Need.