Many relevant pieces of data concerning the housing market appear to be stuck as we move into the middle of the second quarter of the year. Most sectors by this time in the yearly cycle are humming at normal speed, but this year is different. It appears the uncertainty surrounding Brexit and other issues are stagnating some areas which would typically be growing, but are at this time not moving as usual. Property transactions overall are lower for the February to March period compared to the same time last year by about 10%.

Lower property transactions equate to a lower amount of activity overall for the market which is a concern for many close to the housing market. Activity within the market is expected to warm up however once the busy selling season gets into full swing. Some sectors have remained in higher gear than others since the beginning of the year including remortgage and the number of first time buyers.

First time buyers surged during the month of February this year due mostly to the number of government programmes which are still available to assist those looking for a rung on the property ladder. Although first timers are challenged to pull together the necessary funding for an initial deposit on a home, many programmes are still accessible to help those in need.

Shaun Church of Private Finance commented on the current housing market climate, saying: “Change could soon be on the horizon for the property market. In the coming months as these deals progress and eventually close, we could be witnessing a similar uplift in completing transactions. However, anecdotally we are hearing that the upper end of the market remains sluggish, with rising prices and stamp duty continuing to prevent movement further along the chain.”