Recent statistics from the HMRC look into the number of property transactions between September and October of 2017 as well as the 12 months running up to October of this year, with some surprising findings.
It was reported that between the months of September and October of this year, there were 105,260 residential property transactions meaning a 1.7% rise in transactions throughout the UK.
In comparison to the statistics recorded in the same period of 2016, activity has taken a considerable jump of 9.2% in October of 2017.
The number of non-adjusted residential transactions also saw a rise over the last 12 months, with an annual increase of 13.3%.
“Talk of a slowdown”
There has been plenty of talk within the property market of a slowdown in activity, however, recent figures do suggest a different story as October was the busiest month in 2017 for residential transactions.
These findings possibly show signs of a recovering market, and while many experts believe that the sector is almost too large to fail, the rise in activity that was just short of 10% across the year is definitely a positive sign for all parties.
Former RICS residential chairman, Jeremy Leaf, spoke on the latest statistics, stating that “On the high street, these figures are much more relevant than the boom and bust of house price rises and falls.”
“They bear out what we’ve seen in other recent reports that the market is proving much more resilient than we might have expected. However, the government could do much more to promote transactional activity which would benefit the WHOLE economy.”
Group Office Owner of Fife Properties, Jim Parker commented, “While the budget didn’t really do anything for Fife itself it did not do anything adverse. A traditional slowdown in activity has taken effect which will double in activity in the months to come”.
