Property transactions reach a 15-month high
The latest HMRC property transaction data for June 2015 has been released and shows:
- The provisional seasonally adjusted UK property transaction count for June 2015 was 104,590 residential and 10,460 non-residential transactions.
- The seasonally adjusted estimate of the number of residential property transactions increased by 4.7% between May 2015 and June 2015. This month’s seasonally adjusted figure is 3.2% higher compared with the same month last year.
- For June 2015 the number of non-adjusted residential transactions was 15.7% higher compared with May 2015. The number of non-adjusted residential transactions was 5.8% higher than in May 2014.
Andy Sommerville, Director of Search Acumen, comments:
“A 15-month high for transactions in June is a welcome sign that the property market is bouncing back after a shaky start to the year. Having announced extra measures this month to improve the planning process and increase housing supply in the long term, the government will be relieved to see signs of renewed life in the property market so soon after the election.
“Positive indicators such as a 3.2% annual rise in wages¹ should help to build momentum in the second half of the year. There is a renewed sense of optimism in the market, and home buyers will be keen to take advantage of the low interest rate environment while it lasts.
“Having seen monthly transactions back above 100,000 for the first time since September last year, conveyancers can expect a busy second half of the year. The race is on to hit business targets and those firms who have used the quieter period to strengthen their proposition will be best placed to benefit.”
Peter Rollings, CEO of Marsh & Parsons, comments:
“Property sales jumped to it in June, as the UK housing market gets back into the swing of things after some recent disruptions to the tempo. This has started to make up for any shortfall in the months preceding the general election – and we’re seeing growth on an annual basis once again.
“In London, supply of properties for sale and buyer demand are head-to-head, squaring up for steady price growth over the rest of the summer. Confidence is returning to the capital once again, particularly below £1million, and buyer registrations are building as aspiring homeowners seize hold of low mortgage rates and other incentive schemes currently available to them.”
¹ ONS Labour Market Statistics – March to May 2015 (published 15th July)