Residential transactions rise again

Residential property sales in the UK have exceeded 100,000 per month for a fifth month in succession with purchasers taking advantage of low mortgage borrowing rates. The latest official transaction data from HMRC reveals that the provisional seasonally adjusted UK property transaction count for October 2015 was 105,490 residential and 10,160 non-residential transactions. However, sales still remain significantly below the monthly tally of almost 150,000 recorded at the height of the property boom in 2006. This means residential purchases in October fell month-on-month by 0.2 per cent but on a 12 month basis rose by 6.3 per cent comparedwith the 99,290 recorded in October 2014. “In October 2014, the residential market cooled slightly following a busy summer – but this year the market shows little sign of slowing down,” said Brian Murphy (left), Head of Lending at Mortgage Advice Bureau. “Demand from potential buyers remains high, with many taking advantage of the excellently priced mortgage rates available on the market,” he added. Despite a slight correction in property transactions on a monthly basis, the UK housing market remains “head and shoulders above a year ago”, as buyers take advantage of a wave of “low interest rates and attractive mortgage products”,…

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