Comment on HMRC Property Transactions, June 2016
David Brown Wed 20 Jul 2016
David Brown, CEO of Marsh & Parsons, comments:
After the trepidation we saw from buyers in May, it is really heartening to see that the number of residential property transactions increased by 4.9% between May and June, and that this figure is even higher (21.2%) when you discount the seasonal adjustment.
Figures are slightly down from June last year, but this is certainly not a cause concern. The market is still adjusting after the flurry of activity we saw from buyers racing to the finish line ahead of the end of April Stamp Duty deadline. This, along with the Bank of Englands plans to curb Buy-to-let mortgages, caused such an enormous peak in activity that we could only expect a corresponding trough in the months to follow even without the additional atmosphere of uncertainty we experienced in the run-up to the referendum vote.
The latest figures show a steady climb back upwards, a trend which we can hope will continue as we all adjust to a new reality, and buyers return to confidence.