Residential property transactions totalled 97,970 in April, 13.9% lower than April 2021 and 10.5% lower than March 2022, according to the latest figures from HMRC. On a seasonally adjusted basis transactions totalled 106,780 - 12.1% lower than April 2021 and 3.9% lower than March 2022.
A fall in property transactions won’t come as a shock when the whole of the UK is dealing with 40-year-high inflation rates and a cost of living crisis. It’s no wonder adults are struggling to prepare to purchase property as they adapt their spending habits, all the while ensuring a good level of financial fitness.
As inflation rates are expected to hit double figures later this year, mortgage prices will continue to increase and push potential first-time buyers out of the market. We therefore need to do all we can to help them, and this includes using their current financial habits to their advantage.
80% of renters have never missed a rent payment, yet many don’t track this on their credit score. When financial wellness is coming into question, it’s essential that positive habits like this are tracked, and have an impact. It could ultimately give a first time buyer the boost over the line they need to take their first step onto the property ladder.