View more on these topics

‘Negligible’ drop in property transactions in August: HMRC


There was a ‘negligible’ drop in the number of property transactions in the UK between July and August according to the latest statistics from HMRC, with experts saying that this reflects the general trend for the summer months.

Seasonally adjusted figures show that there were 97,660 non-residential property transactions, compared to 97,710 in July, representing a drop of 6.1 per cent.

Legal & General Mortgage Club director Jeremy Duncombe says it’s not unusual to see a “slight dip” in the summer months.

“These figures simply reflect this seasonal cooling off period,” he says.

“August, in particular, is typically a quiet time for mortgage activity as many borrowers prefer to focus on holidays rather than house buying.”

However, he says that the fundamental issues that plague the UK housing market have not been resolved.

“If we are ever going to rebuild our fragmented market, and begin to heal the rift between supply and demand it is imperative that we start to see a positive, collaborative effort from house builders and the Government,” says Duncombe.

“Until the supply and demand for UK property is better balanced, we will be left with a housing market that is only within reach for the few and unattainable for many.”

Transactions peaked in March so far this year, when there 179,670 property transactions in the UK. The volume was attributed to the tax on second properties and the B2L stamp duty introduced in the following month.

The Northview Group director of sales and distribution Steve Griffiths says the market crash anticipated following the Brexit vote has not been seen.

“Transaction figures have remained steady, with a marginal increase in the number of property transactions,” he says.

“Whilst we must wait for the coming months to see the true impact of the Brexit decision on our housing market, demand is still strong and many buyers in particular continue to maintain their interests in securing their next buy-to-let purchase.”



HMRC: Brexit hits residential property deals in June

The number of residential property deals fell by 0.9 per cent between June and July, according to new HMRC research. The number of adjusted homeowner deals had fallen 8.3 per cent year-on-year. The HMRC says the outcome of the European Union referendum in June was to blame for the level of transactions falling. There were […]


HMRC blunder leaves millions in unpaid business tax

A blunder by HMRC that saw it change its bank account details without telling anyone has left tens of millions of pounds in tax unpaid by businesses. VAT and corporation tax payments by businesses have bounced or gone unpaid as the tax office failed to notify firms it had changed its payment details, reports the […]


News and expert analysis straight to your inbox

Sign up