Latest data released by HMRC indicates that there was a marginal rise in residential property transactions between September and October. Figures suggest that there was a slight rise of 1%.
This is in comparison to a fall of 4.3% noted in the last month and could suggest a boost in buy-to-let and landlord insurance policies. However, the seasonally adjusted figure is 8% than in the same month in 2015.
Stephen Smith, Director at Legal & General Housing Partnerships, observed: ‘Despite last month’s annual and monthly decrease in transaction numbers, October’s results highlight the unpredictable nature of our housing market by showing a monthly rise in the number of property transactions. These figures confirm that the appetite for home ownership remains strong as we draw to the end of 2016.’
‘However, it is important that we put these figures into perspective: the imbalance between supply and demand is continuing to overwhelm the market, pushing up prices and causing affordability to worsen. Until this dangerous disparity is addressed the market, and wider economy, will continue to suffer. Tomorrow will be a defining moment for the UK when Phillip Hammond delivers his first Autumn Statement. Our new Government has the perfect opportunity to repair our nation’s broken housing market and implement innovative house building measures across all tenures to solve our housing crisis once and for all,’ he continued.
Stephen Wasserman, Managing Director of West One Loans, added: ‘Today’s figures are a positive indication that the recent market drought experienced may be coming to an end. As the market starts to pick up, we anticipate many buyers, buy-to-let and second home buyers will start to emerge from the woodwork once again.’
‘If this positive sentiment continues, we expect to see an increase in demand for short term finance, such as bridging loans, as purchasers look to stabilise property chains and snap-up new opportunities as they come to market. However, it’s crucial the industry works to boost the availability of competitive and suitable financing options to support the market’s continued recovery,’ Wasserman concluded.