Property transactions up 3.2% year-on-year

Sold signsThe latest HMRC Property Transactions figures show that the number of residential property transactions increased by 4.7% between May 2015 and June 2015 – 3.2% higher compared with the same month last year.

For June, the number of non-adjusted residential transactions was 15.7% higher compared with May 2015, and 5.8% higher than in May 2014.

Duncan Kreeger, director of West One Loans, said: “It’s not just the housing market that is enjoying a post-election bounce, with non-residential transactions enjoying almost double the monthly improvement. On an annual level the contrast is even more marked, with an increase almost three times larger than the mainstream residential market.

This shows that is not just homeowners wanting to take advantage of the current favourable economic climate and low interest rates on offer, but businesses and developers too. With Bank of England Governor Mark Carney suggesting last week that interest rates could rise around the turn of the year, it makes sense for individuals – and commercial ventures – to act soon if they want to capitalise on the current situation.”

Peter Rollings, CEO of Marsh & Parsons, added: “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.

In London, supply of properties for sale and buyer demand are head-to-head, squaring up for steady price growth over the rest of the summer. Confidence is returning to the capital once again, particularly below £1million, and buyer registrations are building as aspiring homeowners seize hold of low mortgage rates and other incentive schemes currently available to them.”

Source: Property Reporter

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