HMRC’s latest figures show residential property transactions fell again in August, with seasonally adjusted deals down 1% on July and 2% year on year. The article links the softer market to affordability pressures, cautious buyer sentiment and uncertainty ahead of the forthcoming Budget.
The article reports that landlords are placing greater emphasis on tenant referencing as consumer County Court Judgements (CCJs) rise and advance rent payments are restricted under the Renters’ Rights Act. Research cited by Leaders suggests referencing is now seen as the key pre-tenancy safeguard, with employment and income checks and agent-led reports carrying the most weight in acceptance decisions.
Zoopla reports that UK house price growth has slowed to 0.8%, the weakest rate in more than two years, as higher mortgage costs and cautious buyer behaviour reduce market activity. Sales agreed in September were 9% lower than a year earlier, with conditions varying significantly by region and property type.
