residential property transactions
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Housing Market
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…
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Housing Market
Residential transactions fall 4.4% – HMRC
The number of residential property transactions fell in July, the latest figures from HM Revenue and Customs (HMRC) has revealed, with 100,720 transactions recorded last month, up 0.2 per cent compared to the corresponding month in 2014. But HMRC’s seasonally adjusted estimate shows that the number of home transactions actually fell by 4.4 per cent between June and July. There were also 10.100 non-residential transactions, down from 10,460 from the previous month. The volume of non-adjusted residential transactions was 2.4 per cent higher than in June and 8 per cent higher than in July last year. The number of seasonally adjusted transactions has steady increased over the past seven years, according to the HMRC report, with the volume of seasonally adjusted transactions remaining broadly stable at around 100,000 per month. The latest figures reflect a “shift-change of late”, with property sales over the past couple of months “stepping up to the mark of last summer”, Peter Rollings (left), CEO of Marsh & Parsons noted. He said, “In July, sales may have slipped back slightly month-on-month, but we need to remember that the market was working overtime in June to regain lost ground lost before the election.” Doug Crawford (right), Chief…
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Housing Market
Residential property transactions hit 18-month high
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…
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Housing Market
Transactions fall across England and Wales
The number of residential property transactions in the three months to January fell by 18 per cent at an average of 71,090 a month compared to the corresponding period a year earlier, the latest figures from the Land Registry show. The data also reveals that the average price of a home in England and Wales dropped by 0.8 per cent in March, following several months of slowing activity. The figures, which are based on sold prices, put the average price of a property at £178,007, 5.3 per cent higher than in March last year. The month-on-month decline in property prices reflects the fact that inquiries from prospective homebuyers has fallen in recent months, while mortgage lending has dropped. Despite the overall decline in prices, two regions, London and the south east of England, did record month-on-month price increases of 0.8 and 0.2 per cent respectively. In contrast, the north east of England witnessed a 4 per cent fall. On an annual basis, double digit price increases continued to be recorded in London and the south east, but growth was far more modest in other regions, while in the north east prices fell by 2.9 per cent year-on-year. The highest property…
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Housing Market
Significant rise in residential property transactions
There has been a sharp increase in the volume of residential property transactions in the UK in the last five years, according to Ludlow Thompson. The company report that transactions have risen by 37 per cent in the last five years, from 878,720 in 2010-11 to over 1.2 million in 2014-15, helping to boost the wider economy. HM Revenue and Customs data reveals that over £10 billion has been raised in revenue from stamp duty on property and land over the past 12 months, which is more than capital gains tax and inheritance tax collectively. Stephen Ludlow, the company’s Chairman, commented, “Not only does the increased activity show that the residential property market is booming, the increased revenue from stamp duty is hugely beneficial in putting the UK on a firmer financial footing.” Last week, HMRC data revealed that the number of residential property transactions reached 100,790 in March, down 2.4 per cent compared to the corresponding month in 2014. “House sale completions are limping along as we approach the final furlongs before the election,” said Adrian Gill (left), Director of Your Move and Reeds Rains estate agents.” But while many prospective buyers are currently dragging their heels, Gill expects…
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