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Property transactions pick up in February: HMRC

The number of property transactions increased by 1.7 per cent between the start of this year and February, according to new figures from HMRC.

Seasonally adjusted, there were 101,780 residential transactions in February, which measured on an annual basis, equates to a 2.7 per cent jump.

Additionally, there were 10,650 non-residential transactions, an increase of 6.7 per cent and 2.1 per cent when looked at monthly and yearly, respectively.

MT Finance commercial director Gareth Lewis says: “The HMRC data is really quite positive… no mean feat when you consider the ongoing farce that is Brexit.

“While MPs make a mockery of us as they cannot come to the right decision, the property market is ticking along regardless. There is no doom and gloom around it, there is still positive sentiment and people are transacting.”

North London estate agent Jeremy Leaf adds: “Transactions are always a much better indicator of property market health than more volatile prices, which can fluctuate more often month by month. This point was no better illustrated than in yesterday’s disappointing ONS/Land Registry figures.

“What the HMRC numbers show is that demand can only remain pent up for so long, irrespective of political uncertainty. We have noticed more of a cautious ‘why not?’ replacing ‘why?’ as a mantra for many. Business is tough but realistic buyers and sellers are managing to find a compromise reflecting future price expectations and moving on.”

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