Home Property Momentum building in the UK housing market again

Momentum building in the UK housing market again

by LLP Editor
21st Dec 21 10:50 am

The latest UK monthly property transactions data from the Office for National Statistics shows that the provisional seasonally adjusted estimate of UK residential transactions in November 2021 is 96,290, 16.4% lower than November 2020 and 24.3% higher than October 2021.

The provisional seasonally adjusted estimate of UK non-residential transactions in November 2021 is 10,840, 15.9% higher than November 2020 and 9.0% higher than October 2021.

The provisional non-seasonally adjusted estimate of UK residential transactions in November 2021 is 104,980, 13.4% lower than November 2020 and 22.7% higher than October 2021.

The provisional non-seasonally adjusted estimate of UK non-residential transactions in November 2021 is 11,340, 21.3% higher than November 2020 and 10.9% higher than October 2021.

Andrew Southern, Chairman of property developer Southern Grove, said: “Britain’s property market is starting to fizz again following a lull in transactions which came with the end of the stamp duty holiday.

“After October’s cliff-edge, a great wave of momentum is starting to build again with the potential for even more dramatic growth in the early New Year when we traditionally see an abundance of new listings which may go some way to satisfying the insatiable demand that still exists.

“Though the wider impact of creeping interest rates and the surge in Omicron infections is still unknown, market fundamentals remain as robust as ever going into 2022.

“There is still a great hunger among buyers for bigger homes with more outdoor space, and a successful roll-out of the government’s booster jab programme combined with a more broad-based economic recovery could turbo-charge the market for some time to come.”

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