House sales have dropped by nearly a third in some parts of UK, says Lloyds

Nearly one-third of house moves have dropped in some parts of the country over the last year, according to research by Lloyds Bank.

Research has found that housing market activity is now considerably below level before financial crash, thanks to high prices and stamp duty. The number of home sales in England and Wales dropped by 7 per cent in 2016, but fell most heavily in London, by 18 per cent, and 10 per cent in the south-east. Brent in north London and Berkhamsted in Hertfordshire saw the number of transactions fall by 30 per cent.

Lloyds have said that the overall marketing activity is now much lower than the 1.2 million to 1.3 million annual sales common before the financial crash. Westminster and Hull have seen 5 per cent-plus falls in sales over the past decade, while every local authority in England and Wales had lower sales in 2016 than 2006.

Andy Mason of Lloyds Bank said: “The recovery in the housing market has stumbled during the past year with sales declining in all regions. Despite record low interest rates and government schemes, such as Help to Buy, sales remain significantly below the levels seen at the height of the last housing boom.”