Residential property transactions soar by almost a third
The newly-released HMRC UK property transactions report has shown that the number of residential property transactions between February and March this year is 29.3 per cent higher than the same period last year.
There were 106,070 residential transactions this March, and although this is still considerably below the 2007 peak of around 150,000 per month, it is reflective of the trend since the beginning of 2013 that has seen a general month-on-month increase in transactions for the seasonally adjusted data.
Residential transactions fell by 4.5 per cent from 111,120 in February, but the percentage is expected to rise again as residential transactions tend to peak in the summer months.
Between 2013 and 2014, there have been an estimated 1,144,200 residential property transactions, the highest it has been since after the financial crash.
The seasonally adjusted estimate of the number of non-residential property transactions increased by 3.9 per cent between February 2014 and March 2014, at 9,750 in total, 15.3 per cent higher compared to the same month last year.
CEO at Marsh & Parsons, Peter Rollings comments: “Despite a slight monthly dip, the volume of property sales in March was almost a third higher than the same month last year. Across the country, people are brimming with renewed confidence in the economy, with wages up, inflation down, and many people feeling better off than they have done in years. This is encouraging people to make their first property purchases and oiling the wheels of the market at all levels.”