Property sales fall by 7% in 2016

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Property sales in 2016 were 7% lower than in 2015, research from Lloyds Bank shows.

There were 848,857 home sales in England and Wales in 2016, compared to 915,096 the previous year.

The largest sales decreases were seen in Greater London and the South East with an 18% and 10% decrease respectively, with Greater London sales rising by just 2% in the last five years.

The East and West Midlands saw just a 1% decline, with the North West seeing a fall of just 2%.

Despite the fall in sales in 2016, the market as a whole in England and Wales increased by 29% between 2011 and 2016 and first-time buyer numbers continue to rise.

Andy Mason, mortgage director at Lloyds Bank, said: “The recovery in the housing market has stumbled during the past year with sales declining in all regions.

“The decrease in the amount of people moving home could be caused by movers not being able to find the right home, in the right location or those who don’t have enough equity in their current home to put down as a large enough deposit for their next mortgage.”

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