Property transactions fall 21 per cent year on year – here are the areas with the most for 2017

The latest and last data set from the Land Registry has been released today detailing the number of property transactions for December (and 2017) across England and Wales.

Leading hybrid estate agent, Emoov.co.uk, has crunched the numbers to highlight how the market performed in 2017 and where saw the largest number of residential sales, despite slower market conditions over the last year.

During 2017, a total of 784,570 properties listed as flats, terraced, semi-detached or detached were sold, however, with slower conditions and higher levels of market uncertainty, this is a 21 per cent decrease on 2016 when there were 996,332 transactions recorded.

Top 10 in 2017
While London may have been hardest hit where price growth is concerned, it still accounts for the largest number of sales with nearly 85,000 property transactions completing in 2017 (84,957). However, this is down -27 per cent when compared to the previous year.

Manchester places second where 13,416 sales completed last year, also down 24 per cent on 2016.

Bristol (12,226), Birmingham (11,527), Nottingham (10,998), Leeds (9,497), Liverpool (9,243), Sheffield (7,596), Leicester (7,172) and Norwich (6,050) also placed in the top 10 for most transactions, proving the appetite for city living is still alive and well amongst UK buyers – although again, all saw transaction levels decrease by between 20 per cent and 23 per cent in 2017 compared to 2016.

Founder and CEO of Emoov.co.uk, Russell Quirk, commented:

“Now the dust has settled on a tough year we can survey the extent of the damage and while there is a notable reduction is property transactions, particularly in the more inflated areas of the property market such as London, the good news is transactions have remained fairly robust during 2017.

“We were always going to see a reduction in transaction levels as many played the waiting game post-Brexit, rather than adjusting their price expectations in line with the market to secure a sale.

“There is still a good appetite for property in England and Wales and while those looking to cash in on an existing investment may remain on the fence, there are still plenty of buyers willing to pay a fair market price and so those considering a sale should rest assured that now is as good a time as any to take the plunge.”

Highest Number of Transactions in 2017

Area

2016 Transactions

2017 Transactions

Change

LONDON

116242

84,957

-27%

MANCHESTER

17612

13,416

-24%

BRISTOL

15870

12,226

-23%

BIRMINGHAM

14778

11,527

-22%

NOTTINGHAM

13875

10,998

-21%

LEEDS

11563

9,497

-18%

LIVERPOOL

11062

9,243

-16%

SHEFFIELD

9405

7,595

-19%

LEICESTER

9377

7,172

-24%

NORWICH

7593

6,050

-20%

England & Wales

996,332

784,570

-21%

Source: Land Registry Price Paid Data 2017