Property transactions decrease

Property transactions decreased from June to July, according to the HMRC’s property transaction report.

The provisional seasonally adjusted UK property transaction count for July 2014 was 101,190 residential and 9,330 non-residential transactions, a decrease of 1.3 per cent on the seasonally adjusted estimate of the number of residential property transactions.

However, the month’s figure is also 13.5 per cent higher compared to the same month in the previous year.

The report showed that the pattern since the beginning of 2013/14 has been of a general month-on-month increase for the seasonally adjusted data until February 2014, where a gradual decrease followed by a flattening out of transaction numbers has since occurred.

July has also seen a new peak for recent non-seasonally-adjusted transactions, the highest level since November 2007.

Peter Rollings, CEO of Marsh & Parsons, a multi-award winning estate agent that has been around for almost 200 years, said: “As we witness a return to more natural and orderly trading conditions, buyers and sellers are finding the property market a less intimidating environment than it seemed a few months ago.

“The number of house sales may have fallen in the month to July 2014, but it still represents a steady and sustainable increase of activity when compared to the picture a year ago.

“In the short-term, the introduction of more stringent borrowing regulations and affordability criteria in the spring tempered the market. But all the ingredients are in place to ensure the continued vigour and vitality of the housing recovery.”

Today's Conveyancer