Property Wire: Continued low interest rates boosting UK property sales
Fri 27 Nov 2015
Home sales in the UK have exceeded 100,000 per month for a fifth month in a row with buyers attracted by lowinterest rates and attractive mortgage products.
The latest official transaction data from HMRC shows that the provisional seasonally adjusted UK propertytransaction count for October 2015 was 105,490 residential and 10,160 non-residential transactions.
The seasonally adjusted estimate of the number of residential property transactions decreased by 0.2% betweenSeptember 2015 and October 2015. This months seasonally adjusted figure is 6.3% higher compared with thesame month last year.
The data also shows that the number of non-adjusted residential transactions was 2.6% higher than in October2014.
Peter Rollings, chief executive officer of Marsh & Parsons, pointed out that October marks the fifth consecutivemonth that home sales have cleared 100,000, putting activity in a whole other league to the first half of 2015.
There has been a slight correction on a monthly basis, but were still head and shoulders above a year ago, asbuyers ride high on the wave of low interest rates and attractive mortgage products, he said.
He also pointed out that in London, supply and demand are moving in different directions. Weve seen thenumber of available properties for sale fall 5% during the third quarter of 2015 compared to a 4% boost in buyersover the same period, he explained.