Fresh faces within the low to mid-range property market dominate and enhance activity
Following the release of the September data within the monthly HMRC UK Property Transaction Statistics report, the key elements that can be extracted are:
- On a seasonally adjusted basis there were 5.4% more transactions in September than a year ago
- The provisional seasonally adjusted UK property transaction count for September 2015 was 106,030 residential, in August it was 105,160
- The seasonally adjusted estimate of the number of residential property transactions increased by 0.8% between August 2015 and September 2015
Andy Sommerville, Director of Search Acumen, comments:
“The property market is in good health, experiencing steady growth as transactions creep up month-on-month. Looking closely at historical trends, we’re in an even better place: aside from February of last year – which was something of a one-off in terms of exceptional performance – the only time the market has seen higher monthly transactions than this September was way back in December 2007.
“Conveyancers should expect steady business levels, and with improving lending conditions we’re likely to see more buyers flock to the housing market. However, the need to address longer term supply-side issues remains the core challenge for policy makers. Brandon Lewis’s new target of a million new homes by 2020 is a challenging one, but the aspirations of future home buyers depend on the Government’s ability to deliver on this promise.”
Peter Rollings, CEO of Marsh & Parsons, comments:
“There was a real step-change in the gears of housing market activity over the summer, and since June property sales have been ticking along nicely, with this month-on-month rise the latest cause for optimism. There’s now clear blue water between sales levels now and a year ago and we’re seeing real eagerness from buyers.
“Already, many buyers and sellers will be using the countdown to Christmas as their deadline to move home and complete transactions, meaning activity often picks up the pace in autumn. London is a city of two halves at the moment – at the top-end, buyers are more cautious, and are taking their time to get used to steeper stamp duty on million pound plus property sales. But at the mid and lower range of the market where domestic buyers tend to dominate there remain high levels of demand facing up to restricted housing stock. Here we’re seeing good activity when property is priced correctly, and longer chains than ever as sales activity stacks up.”
Richard Sexton, Director of e.surv chartered surveyors, comments:
“Activity at the bottom of the ladder is allowing the property market overall to gather speed. Fortunes for first time buyers in particular are being boosted by higher wages, lower inflation, and a wave of higher LTV mortgage product momentum.
“Last month, lending to those with small deposits saw a return almost to the levels of October 2008, which bodes well for completed transactions in the near future. Bearing in mind September’s steady progress, the October housing market also looks set fair.”