SearchFlow comments on HMRC’s Property Transaction Data

SearchFlow comments on HMRC’s Property Transaction Data

SearchFlow MD, Greg Bryce comments on the most recent transaction data, stating the increase witnessed was “phenomenal”.

HMRC transaction data reveals the number of residential property transactions has increased by 41.5% between February and March. The month’s seasonally adjusted figure is a whopping 70% higher compared with the same month last year.

Greg Bryce, Managing Director at SearchFlow, comments: “The increase was phenomenal and we witnessed an extraordinary surge to help our clients complete transactions last month.  The spike in activity has been widely acknowledged to be due to the 3% surcharge introduced on 1 April for buy-to-let and second homes. In addition, buyers may also have been trying to beat new and much-anticipated restrictions on buy-to-let mortgages as a result of the forthcoming Bank of England reforms, expected to be rubber-stamped in the coming weeks.

“However, with transaction levels 70% higher than this time last year, we have seen the highest level of activity since the recession and whilst this significant uplift can be attributed to the buy-to-let surge to a certain extent, it should not detract from the fact that the market is clearly very buoyant. Over the last year, transaction levels have risen steadily.  Whilst our clients do not anticipate this high level of activity to continue at this pace, our latest survey reveals that the majority are expecting transaction levels to continue to grow by over 10% in the next three months, despite any uncertainty surrounding a potential Brexit.

“With the economy strong, employment level high, interest rates low and the economic and housing policies unlikely to change very much, the market looks set to remain buoyant.”

This article was submitted to be published by SearchFlow as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer. 

SearchFlow

http://www.searchflow.co.uk

SearchFlow is the UK’s largest provider of legal due diligence data for residential and commercial property transactions. Since its formation, it has supported over 5,000,000 instructions and delivered 26,000,000 searches; this equates to around 1 in every 4 property transactions in the UK. SearchFlow recognises that proactively supporting each client’s journey is vital to delivering the right due diligence insights, searches, data, surveys, and insurance for every transaction – whether a single residential property or a complex commercial portfolio. Via its advanced online ordering platform and backed-up by an award-winning customer service team, SearchFlow supports clients in delivering the conveyancing solutions needed to manage due diligence risk and achieve compliance. By partnering with SearchFlow, property law professionals in the UK can deliver smarter, safer, and faster property transactions to their customers. SearchFlow have been crowned Search Provider of the Year for four consecutive years, and recently won Bronze for Best Use of Technology at the CX Awards. Based in Kent, SearchFlow is a Landmark Information Group business, which is part of DMGT plc. Key Services

Links Address 42 Kings Hill Avenue Kings Hill West Malling Kent ME19 4AJ Key Contact  Rob Steadman robert.steadman@searchflow.co.uk Telephone 0800 977 8818

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