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Residential property transactions rise in July
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Seasonally adjusted data from HMRC suggests that there were 104,760 residential property transactions in Britain during July. This was a rise of 1.3% on June and 8.3% higher than at the same period of 2016.
However, HMRC urged caution when making comparisons in transactions levels for July, as some buyers could have been deterred by political uncertainty caused by June’s General Election and the EU referendum one year previously.
Encouraging
Danny Waters, chief executive officer of Enra, noted: ‘After three consecutive falls, it’s encouraging to see property transactions start to pick up again. The political and economic upheaval we have seen in recent months has plagued the property sector, so this increase could be an indication that buyers and sellers are beginning to feel more confident.’[1]
Residential property transactions rise in July
Record-low interest rates are likely to keep demand high, however the Government must address the ongoing issue of supply. These are the views of General Mortgage Club Director Jeremy Duncombe.
Mr Duncombe said: ‘We need a long-term solution by building more homes allowing a greater number of affordable properties to come onto the market.
This will not only provide more choice for second and last-time buyers, but also free up additional housing stock for first-time buyers to secure homeownership.’[2]
[1] https://www.propertyinvestortoday.co.uk/breaking-news/2017/8/residential-property-transactions-pick-up-in-year-to-july
