“A recovery in the residential property market is underway”
Andy Sommerville, Director of Search Acumen, comments on the latest HMRC transaction data
“Housing transactions reached their highest point last month since the headlong rush to beat the introduction of the stamp duty surcharge twelve months earlier in March last year. A modest monthly rise from February 2017 nonetheless shows that a recovery in the residential property market is underway, with seasonally-adjusted transactions topping 100,000 for three successive months. This is just what the industry needs as the UK enters another potentially turbulent few months in the lead-up to the snap election on 8th June.
“The market for commercial property transactions had a slightly rougher ride with March transactions down by almost 4% from the previous month. The total of 10,390 non-residential transactions was a five-month low, but nonetheless beat the total of 10,030 from March 2016.
“The diverging paths followed by residential and non-residential transaction figures bring to light the resilience of the home-buying market as a result of extremely high demand and the contrasting vulnerability of the commercial market when economic uncertainty hits. The industry should ensure necessary steps are being taken for an affordable and sustainable market and that the commercial market is supported.”