27 Nov 2019
Property prices were seen picking up in October, said the HMRC, despite witnessing a slight slowdown towards the end of summer.
The latest UK property market figures show signs of recovery, boosted by a looming Brexit and more affordable house prices which have encouraged people to dive into the house-purchasing business.
According to new data released by HM Revenue and Customs (HMRC), property transactions in October reached 103,680, marking a 4.3% increase on a seasonally-adjusted basis, from the previous year and the month prior.
This represents a significant upturn from previous data, which had indicated that consumers were reluctant to sell their properties due to an amalgamation of factors; including Brexit uncertainty, the time of the year and overall suspense in the property market.
Commercial director of property lender MT Finance, Gareth Lewis said: “It is positive to see a marginal uplift in property transactions, particularly as there was an element of stagnation creeping into the market at the back end of the summer. There is activity in the marketplace, especially over the past couple of weeks, when we have seen a spike in transactions.
“There is nothing like an approaching year-end to focus the mind and spur people on to get things done. There is a bit of a buzz around as people try to close transactions by the end of the year. There was a worry that things would slow down dramatically until the election outcome was known, but thankfully this doesn’t seem to be the case.”
Britain’s housing market has remained a robust industry, staying strong in the face of political upheaval. Escalating levels of demand likely indicate the market will remain resilient in the long-term, throughout Britain’s ongoing Brexit turmoil as well as the general election due on December 12. The UK property market is still a profitable playing field for investors.
Andrew Montlake, managing director of Coreco, noted: “Extremely low borrowing costs, a strong jobs market and more affordable prices are underpinning activity in the market despite the political bedlam. We’re seeing a lot more people lock in to extremely competitive five-year fixed rate mortgages, which offer a medium-term hedge against the uncertainty of how Brexit will play out.”