{"id":613970,"date":"2025-12-05T14:30:12","date_gmt":"2025-12-05T14:30:12","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/613970\/"},"modified":"2025-12-05T14:30:12","modified_gmt":"2025-12-05T14:30:12","slug":"london-saw-fewer-house-sales-in-2024-than-during-2008-market-collapse","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/613970\/","title":{"rendered":"London saw fewer house sales in 2024 than during 2008 market collapse"},"content":{"rendered":"

London<\/a> saw fewer house sales in 2024 than in 2008 when the housing market collapsed, according to data from the Office for National Statistics<\/strong>.\u00a0<\/p>\n

Last year, just 68,000 homes were sold in the capital, compared to more than 82,000 in 2008.<\/p>\n

Since 2006, house sales in London have fallen by 60% and have never exceeded those prior to 2008.\u00a0<\/p>\n

When the housing market stagnates and transactions fall, Londoners become trapped in homes that no longer meet their needs and first time buyers struggle to get on the property ladder. <\/p>\n

All whilst economic activity around homes weakens, from renovations to retailers, creating a ripple effect across the economy. <\/p>\n<\/p>\n

There have been housing mobility schemes that aimed to tackle the problem, like the help-to-buy scheme, but a 2017 London School of Economics report found low-cost home ownership schemes disproportionately benefited those better off.<\/p>\n

First time buyers bought 59% of the homes in the capital in 2024, but in some areas like Barking and Dagenham figures can be as high as 96%.<\/p>\n

Today, even those who are in privileged positions, such as 30-year-old AI start-up founder Sam Mundy, struggle to buy in London.<\/p>\n

Mundy bought his own home in Southampton when he left university, and lets that property out, while renting in Tooting.<\/p>\n

Though living in London is worth a lot to him, finances are still stopping him from buying his dream home.<\/p>\n

He said: \u201cIf we had the money we\u2019d buy a place. We\u2019d probably have to sell our current house to help towards a deposit and bring the monthly payments down.<\/p>\n

\u201cI think the negative of not paying down the mortgage on an interest only would be outweighed by the positive of buying a house in London.<\/p>\n

\u201cHowever, the way taxes are increasing in the budget and pensions and ISA allowances being screwed, having the second home rented out is a good asset for the future.\u201d<\/p>\n

Over the course of the pandemic sales in the capital reached the highest levels since 2016, with London seeing more than 115,000 homes sold in 2021. <\/p>\n

Estate agents in the capital cited house prices and stamp duty as the some of the causes of low sales.\u00a0<\/p>\n

Mary-Lou Press, President of the National Association of Estate Agents (NAEA Propertymark) agreed.<\/p>\n

Press said: \u201cHousing mobility in London is being held back by persistent affordability pressures, and a shortage of suitable homes to move into.<\/p>\n

\u201cIf we want to make it easier for people to move house, we need a more fluid, better-balanced system.\u201d<\/p>\n

According to the House price index from HM Land registry, the average house price in London was \u00a3464,000 in 2014 rising to \u00a3605,000 in 2024 \u2013 a 30% increase.<\/p>\n

In fact, London\u2019s 3.8 million homes are worth an estimated \u00a32.6 trillion, approximately a quarter of the UK residential market according to Zoopla.<\/p>\n

People selling their homes also get cautious at times like these, according to a former estate agent.<\/p>\n

The wait for a sellers market results in a snowball effect, raising house prices in the long run as demand increases.<\/p>\n

The leader of the Conservative party Kemi Badenoch has pledged to scrap stamp duty for main house purchases if the Conservatives win at the next general election.\u00a0<\/p>\n

The NAEA Propertymark president said: \u201cTargeted Stamp Duty reform would make an immediate difference.<\/p>\n

\u201cThe current structure can discourage many would-be movers, especially growing families and older homeowners.\u201d<\/p>\n

According to Press, reducing thresholds or introducing reliefs for downsizers would free up much-needed stock across the market.<\/p>\n

Increasing dwelling stock is often stated as being a fix to the housing crisis, bringing down house prices, coping with demand and getting Londoners moving again.\u00a0<\/p>\n

Press claimed simplifying the process to build affordable homes and make faster planning decisions would benefit Londoners.<\/p>\n

The number of residential homes in London has only increased by 11,500 between 2014 and 2024.\u00a0<\/p>\n

The population of London has increased by more than half a million people over the same period according to figures on Macrotrends<\/a>.<\/p>\n

To cope with the increased demand housing development would have to increase significantly.\u00a0 <\/p>\n<\/p>\n

The Treasury was reached out to for comment. <\/p>\n

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