Andy Sommerville, Director of Search Acumen, comments on today’s HMRC property transaction data
“With the end of 2016 in clear sight, the resilience of the commercial market is one that continues to surprise many. Counter to the pre-Brexit predictions of a meltdown, the number of non-residential transactions in November was 11% percent higher compared with the same month last year, growing 6% percent from October alone.
“The residential side of the market has seen a sluggish 1% monthly growth in transaction activity and volumes sit 7% below last year. Nevertheless, upward movement in the market since September is a positive sign given the past twelve months of political uncertainty, hikes in stamp duty and a lingering housing crisis.
“Our outlook for 2017 remains that both sectors of the property market have a way to go to stay afloat and we must learn from the lessons that this year has taught us, as well as preparing for the continued uncertainty that the Article 50 negotiations are likely to present. Greater productivity throughout all industries in the UK will ensure that our economy not only remains buoyant but is able to grasp the opportunities that the next year brings.”
This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
