Figures from the UK’s tax collector confirm other evidence from index reports that the property market continued to be buoyant at the end of last year when it would normally be slowing.
Sales increased by 1.9% between November and December 2015 and were up by 11.6% year on year, according to the data from HMRC.
Over all there were 108,710 residential and 9,700 non-residential transactions. Residential sales increased by 3.6% month on month and 10.6% year in year.
According to Peter Rollings, chief executive officer of Marsh & Parsons, it is clear that December defied the normal seasonal slowdown in the UK property market.
After a cautious start, there was a clear 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 of any month in 2015, as buyers rushed to complete transactions before Christmas, he explained.
This steady build-up of activity and buyer confidence is even more impressive when you consider some of the adverse changes the housing market has had to stomach over the past 12 months, he pointed out.
While the shakeup of stamp duty was indeed welcome for many first time buyers and those purchasing property at the lower bands, it has been harder to digest at the middle and top-end, where the increased levy is particularly onerous, said Rollings.
With an additional 3% of stamp duty coming into effect for second home owners in April, 2016 may well see the opposite with a growth spurt in the early stages of this year that could then taper off in the short term while the market retunes, he added.
House prices in Britain climb 100 a day and it’s about to get crazier – Telegraph.co.uk May 8, 2015 In “PropertyNews”
International investors rush back into UK property market – The Guardian May 8, 2015 In “Property News”
Fears of pre-election hit to UK property market have been overplayed, say analysts – Yahoo Finance UK April 10,2015 In “Property News”
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