The seasonally adjusted estimate of the number of residential property transactions increased by 1.7% between September 2017 and October 2017, according to HMRC’s UK Property Transactions Statistics report.
This month’s seasonally adjusted figure is 9.2% higher compared with the same month last year. For October 2017, the number of non-adjusted residential transactions was about 1.1% higher compared with September 2017. The number of non-adjusted residential transactions was 13.3% higher than in October 2016.
The seasonally adjusted estimate of the number of non-residential property transactions increased by 12.1% between September 2017 and October 2017. This month’s figure is 9.6% higher compared with the same month last year.
West One Loans managing director Stephen Wasserman commented: “The uptick in property transactions demonstrates the underlying stability of the sector, and is a positive message to the market ahead of Wednesday’s Budget, which is expected to be largely housing focused.
“It will take some time for the market to fully recover from the upheaval of stamp duty hikes and economic uncertainty caused by Brexit negotiations, but if Hammond scraps stamp duty for first-time buyers, as it’s rumoured he may do so, we could see the market grow at a faster rate. It is crucial at times of uncertainty that investors understand all the financing options that are available to them, which includes specialist solutions such as bridging loans.”
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