Despite residential property transactions falling by 0.4% on a non-seasonally adjusted basis in the year to August when compared to 2018’s figures, UK property transactions for August suggest a huge recovery from an unusually quiet July.
The provisional seasonally adjusted residential transactions for August indicate 99,890 transactions were completed in August.
Whilst this figure represented a 0.9% decrease from the transactions in August 2018, they were 15.8% higher than the transaction figures for July 2019.
Non-residential property transactions also increased significantly in August. The 11,330 transactions were 8.7% higher than August 2018 and a 29% increase on the completed transactions in July.
Neil Knight, Spicerhaart Part Exchange & Assisted Move business development director, said: “The latest figures from HMRC show that residential transactions in August have remained broadly stable year on year, with just a 0.4% drop on a non-seasonally adjusted basis from August 2018. This represents a significant recovery from what was an exceptionally quiet July: overall property transactions increased by nearly one-third (32%) from the previous month.
“Comparing year-to-date totals, the market is still lagging somewhat behind where it was in 2018, with some 30,000 fewer transactions than by this stage last year – possibly reflecting heightened uncertainty around the nature and timing of Brexit.
“What we are seeing at Spicerhaart is much more in line with last month’s more buoyant figures, and consistent with reports from the National House Building Council which painted a more optimistic picture of the market.
“Our Part Exchange and Assisted Move arm is busier than ever, with buyers and housebuilders alike keen to move the process along. We’re clear that there is plenty of demand out there: regardless of political uncertainty people still need and want to move house.”
Do August’s transactions suggest that buyers and sellers could be abandoning their cautious wait and see attitude to the property market?
