HMRC – Residential transactions increase in September
The number of residential property transactions in September increased on the previous month’s figures, and grew steadily in comparison with September 2018, according to the latest figures from HMRC.
The provisional seasonally adjusted count of residential property transactions in September 2019 is 2.3% higher than September 2018 , and 5.0% higher than August 2019 – with 101,740 residential transactions in September this year.
Managing Director of Benham and Reeves, Anita Mehra, commented:
“Today’s figures are certainly positive and demonstrate that the UK property market is far from throwing in the towel. However, this uplift in sales should be viewed as more of a momentary spike in home buyer optimism rather than a dramatic return to previous form.
Mumblings of a Brexit deal could well see this momentum build over the coming months, but until a solution is actually delivered, the market will continue to tread water where both transactions and price growth are concerned.
However, all things considered, we remain in a strong position and the resilient nature of the market will ensure that the sun will once again shine on the nation’s home buyers and sellers.”
Adrian Moloney, Sales Director at OneSavings Bank comments:
“Building on last month’s slight upturn in activity, another uptick in transactions suggests the market is showing positive signs. As we move, albeit slowly, towards some kind of clarity on the Brexit question, landlords and buyers may see the prospect of light at the end of the tunnel as an opportunity to focus on the longer-term and make the most of current market conditions.
“There was a noticeable absence in the Queen’s Speech of any mention on the housing market. This brings into question whether the Government will re-establish its commitment to house building, and address the issues facing the sector which will continue to exist long after Brexit is out of the way. Only when the Government brings housing policy to the forefront of the agenda will buyers have full confidence in the market restored.”
Source: Financial Reporter