Property sales bucked the usual seasonal trend in November, according to the latest figures from HM Revenue & Customs (HMRC).
Property Sales Buck the Usual Seasonal Trend
Transactions typically experience a seasonal decline in November, however, the recent property sales statistics show that there were 104,670 residential deals last month, up by 5.1% on October.
However, this is down by 4.3% on an annual basis, as there were 109,370 property sales in November last year.
Broken down, there were 88,860 property sales in England in November 8,990 in Scotland, 4,710 in Wales and 2,110 in Northern Ireland.
The Executive Director of Your Move and Reeds Rains, Adrian Gill, comments on the figures: “It is not unusual to see a lull in buying and selling [at this time of year], so a slight monthly surge in transactions highlights the ongoing appetite from buyers.
“However, the annual decrease these figures show is likely due to the continuing squeeze on affordability. This is putting pressure on first time buyers, who are finding it increasingly hard to take their first steps onto the property ladder.”
He adds: “The Government’s recent announcement of a £1.4 billion investment into the housing market, as well as the building of 40,000 new affordable homes, is welcome news towards addressing this issue. Hopefully, this funding will start to make a real difference and we will see more buyers secure their dreams of homeownership.”
The Chief Executive of My Home Move, Doug Crawford, was slightly more positive: “The market is well placed to keep growing as we look to 2017.
“Since the referendum, transaction levels have remained stable largely, which shows that the fundamentals in terms of supply and demand mean the market will weather any further macroeconomic uncertainty.
“In the long-term, demand for both rented and owner-occupied accommodation will support price rises and sales volumes.”
He continues: “There will undoubtedly be challenges for the market over the next 12 months, with the triggering of Article 50 and changes to landlords’ tax relief looming on the horizon.
“However, the property market has shown it is more than strong enough to overcome these obstacles.”