Property transactions rise in October – HMRC

There were 105,630 residential transactions across the UK during October, according to the provisional seasonally adjusted estimate from HMRC.

Data showed this figure had increased by 9.8% from September, and was also 8.1% higher than in October 2019.

For non-residential transactions across the UK, HMRC revealed that its seasonally adjusted estimate was 9,140 for October.

This was a figure 6.2% higher than September and had also risen by 5.1% since October last year.

Legal & General Mortgage Club director, Kevin Roberts, suggested HMRC’s figures “show the strength” of the UK housing market.

“Demand for homes has remained high since the reopening of the housing market, with the opportunity to save thousands in stamp duty fees helping to entice many to press ahead with their plans,” he said.

“However, buyers wishing to benefit from the stamp duty holiday, or simply wishing to finalise their home purchasing plans before the end of 2020, will need a clear plan to avoid missing out. These high levels of demand are in many cases causing delays for buyers and sellers who, without proper support and guidance, could fail to complete in time.

“To successfully navigate the application process buyers should look to an independent mortgage adviser. These professionals have their finger on the pulse of the market and understand the best options for buyers at this time.”

Hope Capital CEO, Jonathan Sealey, added: “Even with the positive news around vaccines, there is still a huge amount of uncertainty around the economy as we look beyond Christmas, such as the number of people coming off furlough schemes and possibly into redundancy.

“At the same time demand in the housing market is likely to increase further during the first quarter of the new year, if the 31 March stamp duty deadline stays in place, and it’s not clear whether high street lenders are in a position to deal with that.

“That’s why it’s crucial for brokers and borrowers right now to consider alternative finance or specialist lending in order to get the deal over the line more quickly.”

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