Property transaction count increases in October

Michael Lloyd

November 21, 2017

There were more residential property transactions in October than the month before and the same month last year, seasonally adjusted figures from the HMRC show.

In October 2017 the transaction count increased by 1.7% from September 2017 and by 9.2% compared to October 2016.

In the year to 1 April 2017 there were 1.32 million transactions, a 12.4% increase from the year before.

Concerns about productivity

The number of non-residential property transactions increased by 12.1% between September 2017 and October 2017 and October’s figure is 9.6% higher compared with the same month last year.

Stephen Wasserman, managing director of West One Loans, said that the figures show stability and urged Chancellor Philip Hammond to scrap stamp duty for first-time buyers.

He said: “The uptick in property transactions demonstrates the underlying stability of the sector, and is a positive message to the market ahead of Wednesday’s Budget, which is expected to be largely housing focussed.

“It will take some time for the market to fully recover from the upheaval of stamp duty hikes and economic uncertainty caused by Brexit negotiations, but if Hammond scraps stamp duty for first-time buyers, as it’s rumoured he may do so, we could see the market grow at a faster rate.

“It is crucial at times of uncertainty that investors understand all the financing options that are available to them, which includes specialist solutions such as bridging loans.”

John Eastgate, sales and marketing director of OneSavings Bank ,said: “Whilst more properties are changing hands than at this time last year, more can be done.

“Stamp duty, a subject of much speculation ahead of the Autumn Budget, remains a structural disincentive to move house, while falling real wages are also restricting affordability for those hoping to buy.

“However with housing looking like it will be central to the budget agenda, there may be some cause for optimism ahead.”

 

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