Liquid error: wrong number of arguments (2 for 1) Response to UK Property Transactions Statistics for June 2014 | Marsh & Parsons Sales and Lettings Estate Agents London

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Response to UK Property Transactions Statistics for June 2014

Tue 22 Jul 2014

Peter Rollings, CEO of Marsh & Parsons, comments: "The UK property market is singing a different tune to that heard at the start of this year. The fierce competition for properties and unprecedented house price growth has subsided as a new wave of supply has come onto the market, stabilising price rises and restoring normality to trading conditions. Both buyers and sellers alike are benefitting from this new calmness in the market, with a greater array of available property to choose from and slightly slower pace of activity making stepping onto the ladder or trading up a less daunting prospect.

"The implementation of tighter lending criteria and affordability checks has lengthened the borrowing process and cooled the market during this transitional phase. On a seasonally adjusted basis, house sales have dropped 0.2% in the month to June 2014. But taking a longer term view, the housing market recovery is still gaining strength, with sales up 15.7% in the past year. This wave of regulatory change will ensure lasting sustainability and responsibility of growth, but the government and the Bank of England need to be careful that future interventions are not premature and over-zealous. Beyond the capital, the housing market recovery still requires a watchful eye."

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