View more on these topics

House sales dropped in over half of markets in 2018

Transactions fell in 241 of 374 local authority areas in 2018, with the average drop in sales across England and Wales recorded at 4.9 per cent, according to Project Etopia.

Only 133 local authority areas saw an increase in the number of homes sold, with the calculated rise being 3.5 per cent for the first eight months of 2018.

The firm believes this to be because of weak housebuilding amid fears that the market is slowing down.

Project Etopia says that despite low mortgage rates, first-time buyer government aid, modular smart homes provider, sales have improved in only 35.6 per cent of local authority areas in 2018.

The town of Stevenage and London borough Tower Hamlets saw the worst falls in transactions, with the former declining 27.5 per cent and the latter dropping by 22.5 per cent.

Furthermore, a total of 122 areas have experienced a decline in transactions by over 5 per cent, while 41 local authorities witnessed sales drop by more than 10 per cent and 11 areas more than 15 per cent.

The City of London saw the biggest increase of any local authority area in England and Wales rising by 66 per cent, although only 146 properties were transacted in eight months. The best performing area outside of London was Chorley, at 17 per cent.

Project Etopia chief executive Joseph Daniels says: “It might not be immediately obvious what transaction levels have to do with the housing crisis, but the answer is a great deal. Lack of housing stock means we’re on a merry-go-round of gyrating house prices in this country

“This feeds into massive price gains that occur over just a few years, causing people to think of their house as an investment not a home. When storm clouds gather on the horizon they then guard their most valuable possession by sitting tight. It’s easy to forget that there were 231,690 fewer homes sold in the last financial year than a decade earlier.”



SimplyBiz chair Davy says courts should decide large FOS complaints

SimplyBiz chairman Ken Davy has questioned whether staff at the Financial Ombudsman Service would be able to take on larger complaints if the compensation limit at the adjudicator is increased. Responding to a consultation on proposals to increase FOS’ compensation limit from £150,000 to £350,000, Davy says he fears that this could reduce access to […]


IFAs urged to be wary of Lloyds GMP ruling fallout

IFAs who advised clients in contracted-out schemes with guaranteed minimum pension benefits to transfer out should watch the fallout of a key Lloyds ruling closely, lawyers have said. In October the High Court ruled Lloyds Banking Group must alter its pensions benefits for men and women. The case focused on GMPs for employees whose employers […]


Tilney adds £340m in assets with second year-end acquisition

Vertically-integrated national Tilney has acquired the wealth management business of accountants Moore Stephens. Tilney, which operates both financial planning and investment management services, will take on 11 new staff and £340m in assets through a business transfer agreement with Moore Stephens. The deal is the second the firm has signed around Christmas, having also announced […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. […] the lack of confidence in the market, the number of house sales have fallen. According to research conducted by Project Etopia, six in ten regions in England and Wales saw sales fall. The average decrease in sales was […]

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm