Letter to the editor: “The recent data showing a 1.6% decline in London house price growth is just one side of the truth about property transactions.”
Cormac Henderson, CEO of National Property Trade house-buying group:
“The recent data showing a 1.6% decline in London house price growth is just one side of the truth about property transactions. The antiquated house sale system means that sellers have no guarantees until the point of legal exchange, which can take at least six months and carry a multitude of unforeseen costs and delays.
Couple this with complex selling chains and the uncertain macro-environment, is it any wonder the housing market is growing more stagnant? I would argue that Brexit is only one piece of the puzzle. If we want to get the housing market moving again, we need to address the outdated approach to getting property transactions over the line and the Government needs to be doing more to aid market liquidity.”