Property market showing uptick in transactions

The provisional seasonally adjusted count of residential property transactions in September 2019 is 2.3% higher than September 2018, and 5% higher than August 2019, according to latest figures published by HMRC.

Non-residential property transactions in September 2019 is 0.2% higher than September 2018, and 7.7% higher than August 2019.

Year-on-year, the provisional non-seasonally adjusted estimate of UK residential transactions in September 2019 is approximately 6.3% higher than September 2018.

OneSavings Bank sales director Adrian Moloney stated: “Building on last month’s slight upturn in activity, another uptick in transactions suggests the market is showing positive signs. As we move, albeit slowly, towards some kind of clarity on the Brexit question, landlords and buyers may see the prospect of light at the end of the tunnel as an opportunity to focus on the longer-term and make the most of current market conditions.

“There was a noticeable absence in the Queen’s Speech of any mention on the housing market. This brings into question whether the Government will re-establish its commitment to house building, and address the issues facing the sector which will continue to exist long after Brexit is out of the way. Only when the government brings housing policy to the forefront of the agenda will buyers have full confidence in the market restored.”

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