Residential transactions remain subdued; non-residential up 29% in August

There were 99,890 residential transactions completed in August 2019 on a provisional seasonally adjusted basis; 0.9% lower than August 2018 and 15.8% higher than July 2019.

According to latest figures published by HMRC, there were 11,330 non-residential transactions; 8.7% higher than August 2018, and 29.0% higher than July 2019.

"Transaction numbers remained fairly subdued in August on a year-on-year basis, despite HMRC showing a significant fluctuation compared with July,” SPF Private Clients chief executive Mark Harris stated.

“But a steady market is what you would expect for the time of year - with the added spectre of Brexit looming, buyers and sellers didn’t have to look far for an excuse not to do anything but sit on their hands. Business has picked up as we have moved into the autumn with people coming back from their holidays more willing to get on with things. Lenders are still competing fiercely for a relatively modest pool of business so rates remain cheap. Borrowers still have lots of choice, even if supermarket banks such as Sainsbury’s and Tesco are pulling out of the lending market."

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