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Cost of living crisis hits lower price end of home sales

marcfaubeau

Sales of cheaper homes have plummeted as the cost of living crisis is hitting first-time buyers and so-called “second-steppers”, hammering buying power at the bottom of the housing ladder. Agreed sales of homes worth less than £100,000 in February fell by 38% compared with the same month last year. Sales of homes worth between £100,000 and £250,000 slumped by 21%, according to Hamptons, which analysed data from Countrywide. Agreed sales were high in February 2021 as buyers raced to take advantage of the stamp duty holiday - but the bulk of the rush was concentrated in higher-price brackets. Even compared with February 2019, agreed sales of homes worth less than £100,000 fell by 42%, while sales in the £100,000 to £250,000 price bracket dropped by 1%. Sales of £1m homes in February rose by 40% year-on-year, despite the end of the stamp duty holiday.

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