The UK housing market slowed again in December, according to the latest government estimates.
Residential transactions dropped to 108,960, down 3 per cent compared with November and 1 per cent on December 2021 said HMRC, the UK Revenue and Customs department.
The provisional figures tally with other views of UK housing market, which show a steady decrease in transactions in recent months.
“While December often sees a slowdown, with prices predicted to continue to fall in the first half of the year many in the market will be hoping the new year brings with it a renewed burst of activity as buyers look to secure deals” said Emma Cox, managing director of real estate at Shawbrook.
“Mortgage rates, while still higher than this time last year, are beginning to come down, giving the market a renewed sense of optimism for the year to come.
“Competition will likely remain fierce among investors, many of whom will be looking to add to their portfolios this year, and buyers will need to keep their wits about them when signs of price growth return to the market.”
Tomer Aboody, director of property lender MT Finance, said: “Many buyers are still looking to proceed with their purchase in order to take advantage of pre-agreed mortgages with lower rates, secured earlier on in the year.
“How transaction levels will look in a couple of months' time could be very different, however, due to higher mortgage rates and fewer buyers prepared to pull the trigger.”
Lack of supply
Meanwhile, Jeremy Leaf, a north London estate agent, said a lack of supply was holding back buyers.
Nicky Stevenson, managing director at estate agent group Fine & Country, said: “Rising mortgage rates overshadowed the property market in the final months of the year, and may still hold back transaction levels in the early part of 2023.
“However, there are signs that the housing market is adjusting to the new normal.
“Buyers have got used to a higher-rate landscape and are flocking back to the market, motivated by the possibility of securing a good deal on their home.”
Non-residential properties
HMRC also said the number of non-residential transactions in the UK in December was 10,810, which is 5 per cent lower than a year earlier, but 9 per cent higher than November.
Non-residential includes commercial property and agricultural land. Also, six or more residential properties bought in a single transaction would be considered a non-residential transaction.
The figures are provisional and will be updated in the coming months, HMRC said.
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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MATCH INFO
Manchester United 1 (Greenwood 77')
Everton 1 (Lindelof 36' og)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Killing of Qassem Suleimani
Killing of Qassem Suleimani
THURSDAY'S ORDER OF PLAY
Centre Court
Starting at 10am:
Lucrezia Stefanini v Elena Rybakina (6)
Aryna Sabalenka (4) v Polona Hercog
Sofia Kenin (1) v Zhaoxuan Yan
Kristina Mladenovic v Garbine Muguruza (5)
Sorana Cirstea v Karolina Pliskova (3)
Jessica Pegula v Elina Svitolina (2)
Court 1
Starting at 10am:
Sara Sorribes Tormo v Nadia Podoroska
Marketa Vondrousova v Su-Wei Hsieh
Elise Mertens (7) v Alize Cornet
Tamara Zidansek v Jennifer Brady (11)
Heather Watson v Jodie Burrage
Vera Zvonareva v Amandine Hesse
Court 2
Starting at 10am:
Arantxa Rus v Xiyu Wang
Maria Kostyuk v Lucie Hradecka
Karolina Muchova v Danka Kovinic
Cori Gauff v Ulrikke Eikeri
Mona Barthel v Anastasia Gasanova
Court 3
Starting at 10am:
Kateryna Bondarenko v Yafan Wang
Aliaksandra Sasnovich v Anna Bondar
Bianca Turati v Yaroslava Shvedova
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