Andy Sommerville

Property transactions increase 9.7 per cent

The number of UK residential property transactions rose by 9.7 per cent year-on-year in January, fresh figures from HMRC shows. Last month there were 105,940 residential property transactions, which although on a seasonally adjusted basis dropped 2.8 per cent month-on-month, was notably higher than the same month last year, a sign that while there remains much uncertainty due to existing global economic conditions, the market is now in a much healthier position than in January 2015. “Strong market conditions prompted a solid annual increase in the number of residential transactions this January, despite the typical monthly fall from December as activity from buyers and sellers tapered off after the end of the year,” said Brian Murphy at MAB. Andy Sommerville (left), Director of Search Acumen, like many housing commentators, expects to see transactions rise further before April, as the market braces itself for a “buy-to-let surge” ahead of changes to stamp duty. “The full picture of the Government’s intervention into buy to let is likely to reveal itself at the end of the first quarter,” he said. “While lack of affordability and housing supply remain a key issue, this month-on-month dip should be seen in the wider context of uncertainty…