“Despite the odds, the residential property market has remained resilient as we enter the new year. The seasonally adjusted number of property transactions increased by 1.3% between December and January as volumes remain buoyant against the uncertain economic backdrop, which in the short-term shows little sign of fading away.
“For the time being, the housing market appears to be stable, but yearly comparisons show stagnant growth in transaction volumes despite increased demand from first-time buyers encouraged by the likes of the recent SDLT changes.
“The bottom line is that we need more houses. Property transactions will continue to appear stable while demand outstrips supply, but building is the only way we can properly jumpstart our industry to cater to the ever-growing pool of market hopefuls.”