HMRC reveals January rise in property transactions

There were an estimated 102,810 residential transactions and 11,170 non-residential in the UK property market during January, according to new data published by HMRC.

The latest figures showed this provisional seasonally adjusted estimate for residential property transactions during the month was 5.2% higher than January 2019, and 4.1% higher than December 2019’s figure.

HMRC’s data also showed the estimated figure for non-residential property transactions in January was 10.7% higher than the same month a year earlier, as well as 10.7% higher than the figure in December.

Wayhome co-founder, Josef Wasinski, suggested an increase in transactions ‘reflected positively’ on the market, but didn’t hide the reality many are facing.

“Affordability is a key issue as prices remain too high for many, and those looking to buy are left with few options and often have to compromise on location and suitability,” Wasinski said.

“Radical change is now essential. We hope the Government soon provides the support promised during the election manifesto so renters can graduate from ‘generation rent.’ Innovation will be central to this and provide credible, affordable routes to homeownership.”

Coreco managing director, Andrew Montlake, added: “On this evidence, the extreme paralysis that gripped UK politics in 2019 did not transfer to the property market.

“For residential transactions in January 2020 to have surpassed the same month in 2019 is yet more proof of the property market's resilience during a year of extreme political uncertainty. A lot of people wanted to get into a new home before our formal exit from the EU and this data certainly reflects that.

“Many people, especially first-time buyers, were particularly wary of a rebound in prices during 2020 if Brexit proved benign and did not want to miss their window. Given the performance of the property market in 2020 to date, they may well have played it right.”

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