Land registry data from the first 6 months of 2014 compared to the first 6 months of 2015 shows a stark difference in the volume of property transactions between the London Boroughs.
|
London Borough |
Transactions of H1 2014 |
TRANSACTIONS OVER H1 2015 |
% CHANGE |
|
Haringey |
1,355 |
1,095 |
-19% |
|
Barnet |
2,366 |
1,985 |
-16% |
|
Enfield |
1,825 |
1,577 |
-14% |
Source: Land Registry: http://landregistry.data.gov.uk/app/hpi/hpi
The lack of property for sale has increased competition between buyers who are looking for similar properties to purchase.
On a slight tangent, in my personal experience, it is not due to a lack of people wanting move home but their inability to find a suitable property to move to. In one example, an elderly lady living on her own in a large 5 bedroom house has been unable to find somewhere the matches her requirements in the areas the she wishes to reside in. A house such as her’s is highly sought after however, from a generation that would prefer to find first, then sell their home, it is not proving fruitful.
“Chicken & Egg Scenario”
A phrase I am hearing a lot recently from motivated sellers but the property they are looking to purchase to make that next step, be it an upward or downward move either doesn’t exist, hasn’t been on the market for a long time (e.g. bungalows) or they themselves have been priced out.
