Transactions surge with December deal numbers up by 11.6%
Thu 21 Jan 2016
108,710 residential deals went down in December, according to seasonally-adjusted numbers from HMRC.Thats a 1.9% increase on Novembers number, and a chunky 11.6% above last Decembers tally; it looks to bethe busiest month of the year, and brings the two-tone nature of last years market into sharp relief.Using non-adjusted stats, December 2015 saw about 3.6% more residential transactions compared withNovember 2015, and 10.6% more deals than in December 2014.
Peter Rollings, CEO of Marsh & Parsons, comments: By the end of 2015, housing market activity was singingfrom a completely different hymn sheet than it was at the beginning of the year. After a cautious start, there was aclear key change in sales levels after the conclusion of the general election, and the year closed on a high note and defied the usual seasonal slowdown with December experiencing the largest volume of property sales ofany month in 2015, as buyers rushed to complete transactions before Christmas.
This steady build-up of activity and buyer confidence is even more impressive when you consider some of theadverse changes the housing market has had to stomach over the past twelve months. While the shakeup ofstamp duty was indeed a welcome tonic for many first-time buyers and those purchasing property at the lowerbands, it has been harder to digest at the middle and top-end, where the increased levy is particularly onerous.With an additional 3% of stamp duty coming into effect for second homeowners in April, 2016 may well see an
opposite trend and a growth spurt in the early stages of this year that could then taper off in the short-term whilethe market retunes.