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Lowest number of property transactions since April 2020

by LLP Finance Reporter
21st Mar 23 4:53 pm

The first two months of this year have produced the lowest number of residential property transactions since April 2020 when the UK was in Lockdown, say leading tax and advisory firm Blick Rothenbeg

Heather Powell a partner at the firm and head of property said, “HMRC figures issued today as part of their monthly statistics are evidence of the destruction wrought by Liz Truss and Kwasi Kwarteng financial mismanagement.

“Mortgage rates shot up and households lost all confidence in their ability to fund a monthly budget that included mortgage payments increasing exponentially.

“Stabilisation in mortgage rates has been countered by the cost-of-living crisis and confidence has not yet returned. As a result, HMRC should be anticipating a fall in Stamp Duty Land Tax (SDLT) and landlords increasing their rents, as tenants have no alternative.

Heather added, “The shortage of good, affordable homes is stark. New developers are embracing modern methods of construction to deliver these homes.

“Government needs to ensure that Local Authorities and Registered Social Housing providers have the funding, and planning initiatives to deliver the homes to local populations.”

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