The volume of residential property transactions reached an 18 month high last month, the latest figures from HM Revenue and Customs has revealed, with 104,590 transactions recorded in June, up 3.2 per cent compared to the corresponding month in 2014.
HMRC’s seasonally adjusted estimate shows that the number of home transactions rose by 4.7 per cent between May and June to 104,590, which was the highest number of UK residential transactions since February 2014 when 109,080 took place.There were also 10,460 non-residential transactions.
Reflecting on the fact that the level of transactions reached an 18-month high last month, Andy Sommerville (left), Director of Search Acumen, said that the data suggested that the housing market is “bouncing back” after a shaky start to the year.
He commented, “Having announced extra measures this month to improve the planning process and increase housing supply in the long term, the government will be relieved to see signs of renewed life in the property market so soon after the election.”
Sommerville believes that positive indicators “such as a 3.2 per cent annual rise in wages” should help to build momentum in the second half of the year.
“There is a renewed sense of optimism in the market, and home buyers will be keen to take advantage of the low interest rate environment while it lasts,” he added.
Peter Rollings (right), CEO of Marsh & Parsons estate agents, was also pleased to see the volume of monthly transactions back above 100,000.
He said, “Property sales jumped to it in June, as the UK housing market gets back into the swing of things after some recent disruptions to the tempo. This has started to make up for any shortfall in the months preceding the general election – and we’re seeing growth on an annual basis once again.”