Residential property transactions climb 16% in May – HMRC

The number of residential property transactions in the UK climbed 16% in May compared to the previous month, new data published by HMRC has revealed.

Figures showed the provisional seasonally adjusted estimate had risen to 48,450 during May, although this represented a drop of 49.6% in comparison to May 2019.

The latest data also showed the provisional seasonally adjusted estimate of non-residential property transactions in the UK during May was 5,880. This figure represented a 14.1% rise from April, but was 42.2% lower than May 2019.

HMRC noted that impacts from coronavirus were “evident” within its May 2020 estimates when compared to previous years.

Responding to the latest numbers, Selina Finance co-founder, Andrea Olivari, commented: “On the whole, there are gradual signs that the property market is moving, with the latest industry figures revealing an average house price increase of 1.9%. So the rise in property transactions is reassuring, particularly given the figures are taken from May and the market wasn’t officially reopened until midway through the month.

“It will be interesting to see if this trend continues throughout June or whether these figures are down to a release of pent up demand from the lockdown period.

“Whether the increase continues in the long term is dependent on an array of factors, particularly the ‘new normal’ of home working post-COVID-19 and how this influences home buying decisions.”

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