The number of transactions in the housing market in the UK has decreased almost by half in 2015

Available residential property in London fell by more than half in 2015 compared to the same period last year.

A report from Cushman & Wakefield showed that sales on the cheapest segment of the market, where homes are cheaper £250000 , fell by 51%, this is the most significant drop in the number of sales compared to other property sectors in London.

All 10449 houses in the cheaper range of £250,000 pounds was sold for the first 8 months of 2015, while in 8 months of 2014 has sold 21337.

The total value of transactions on the London residential property market fell from 79226 in 2014 to 58322 in 2015 .

The main reasons for this sharp fall in the market called General elections to Parliament in may 2014 and the revision of the scale of stamp duty, which is particularly felt in the property sector is more expensive than £1 million

Such a strong decline in sales in the low price range can not but cause concern, because the main negative effect from changes in the rates of Stamp duty should be on the property more expensive £1 million

The main problem of affordable real estate market in the UK is the lack of new objects for sale. Property prices are rising and housing is cheaper £250,000 pounds getting smaller. And Londoners who have not enough money for more expensive housing, are forced to choose rent, as a result, their costs are much higher than if they were able to buy a house.

British analysts of the market do not exclude that the scale Stamp duty will be reviewed in about 12 months, when will be seen the figures of Stamp duty for the financial year 2015. It is necessary to increase the tax-free threshold to £250,000 pounds. Now the non-taxable threshold is £125000 in the range of £125000 and £250000 rate of Stamp duty is 2% and in the range of £250,000 to £925000 – 5%. Property prices in London so high that the entire property in London cheaper than £450000 needs to fall into the category of “available.”

Thus, in order to push forward the affordable housing market needs two things – to build more and change the scale of Stamp duty.

® Maxim Savitsky. G. 11.11.2015

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Price indices for UK property

Index Rightmove

Index Office for National Statistics

Index Nationwide

Index LSL Property Services Acadametrics