Peter Rollings' response to the latest property transaction figures from HMRC
Wed 21 Aug 2013
"Despite a slight dip between June and July, the overarching trend is a steady increase in property transactions, with an 18.5% uplift compared to last year. The main difference in the property market compared to last year is the huge pick-up in positive sentiment. Initiatives such as Help to Buy are creating genuine confidence in the market and a sense of fluidity that is rippling across all areas of the UK. The fact that low interest rates are almost guaranteed for the foreseeable future will also help to build confidence in buyers finances and continue to buoy demand further.
"However, a comparison between this years figures and those of 2006 tells a rather different story. Despite improvement in the market, the number of transactions this past year is only just over half that from the same point in 2006. This historically low supply of property to buy is holding back the property market from achieving its full potential and fuelling price rises. With so many buyers flooding the market, it is an excellent time to sell property."