Home Property Property transactions up 3.2 per cent say HMRC

Property transactions up 3.2 per cent say HMRC

by LLP Editor
27th Dec 19 3:08 pm

There were 102,050 residential property transactions in November, an annual rise of 1.9% and 3.2% higher than in October, according to the latest figures from HMRC.

Year-on-year, the non-seasonally adjusted estimate of UK residential teansactions is approximately 0.2% lower than in November 2018.

Tomer Aboody, director of MT Finance said, “November turned out to be a pretty stable month for the housing market, with buyers looking to purchase before year end negotiating with those sellers keen to conclude business before the end of the year. This flurry in activity was aided and abetted by agents keen to hit their year-end targets.

“Since the general election, more positivity has been felt by buyers and sellers. It will be interesting to see how this translates into Q1 and Q2 of 2020, when those transactions complete. The Boris Johnson government should encourage trade and business, which will ultimately boost the property market and create activity across the economy. Fingers crossed for an exciting and busy period ahead before Brexit creates a potential drag on proceedings as negotiations continue.”

Jeremy Leaf, north London estate agent and former RICS residential chairman said, “Expect the unexpected with the 2019 property market! Once again, activity has shown to be continuing its seemingly relentless upwards trend, irrespective of huge political and seasonal distractions.

“Of course, transaction numbers are always a much better indicator of market health than more volatile house prices and these are no exception. On the ground, buyers are taking advantage of improving affordability and more stable employment but we do not expect a significant increase in values. Prices have been underpinned for some time by a shortage of supply so any rise is likely to be more than outweighed by the usual increases in stock at this time of year.”

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