The latest property transactions report from HMRC covering April have revealed a small month-on-month dip in the number of residential sales to 99,420 but, when seasonally adjusted, show sales hovering at around 100,000 a month for the past 12 months.
“Against all odds, today’s data reveals that property transactions remained steady across the country in April,” says Paul Smith, CEO of haart estate agents (left)
“On the ground, we are seeing pent up demand build among buyers, but the market is still challenged by lack of stock. Latest data from our branches tells us that there are now 12 buyers chasing every instruction across the country, so when the right property does come along it’s not on the market for long.
“The bulk of property transactions that are making their way over the line are from first-time buyers, largely due to the support that government has provided to this demographic of the market. However, if we want to see an increase in transactions more generally, we need to muster confidence in both buyers and sellers across the board.
“Industry commentators and politicians are continuing to bang the drum for stamp duty reform, and rightly so. We cannot continue to ignore the swarm of robust evidence which proves how the arbitrary taxation is stifling the economy and the market. The market cannot return to normality until we have clarity on Brexit, but in the meantime, the government can make a difference by reforming taxation now.”