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Residential property transactions up 7.1% in November: HMRC

There were 104,200 residential property transactions in November, according to the latest report from HMRC, an increase of 7.1 per cent on the same month last year on a seasonally adjusted basis.

The number of transactions in November also reflects an increase of 0.6 per cent from October 2017.

There have been 1,127,450 residential property transactions completed to date in 2017, on a seasonally adjusted basis.

Mortgage Advice Bureau head of lending Brian Murphy says: “Taking into consideration political and economic headwinds this year, one would suggest that these figures evidence a market that has largely held steady due to the fact that many consumers still see property as a reliable long-term investment.  

“Although we’re ending 2017 with a slightly higher interest rate than when we started 12 months ago, all in all one would suggest that we’re going into 2018 on a solid footing; demand for homes in many regions is still high, mortgages are still priced very competitively and we now have the Chancellor’s SDLT exemption for First Time Buyers which may see renewed activity at the entry level of the market over the coming months.”  

Legal and General Mortgage Club director Jeremy Duncombe says: “As we move into the New Year and with a renewed commitment from the Government to build 300,000 new homes a year, as well as a cut in Stamp Duty for first-time buyers, there is a real chance that we can get our housing market on the move.

“It will take more than promises – real ‘on-the-ground’ action is needed, but an injection of activity into the housebuilding sector, led by No.10, and a subsequent increase in housing stock will only serve to grow transaction numbers and help the market to reach its full potential.”

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