View more on these topics

UK property transactions up 6.8% in March: HMRC

The number of property transactions across the UK rose on an annual and monthly basis, according to figures collected by HMRC.

Seasonally adjusted, there were 101,830 residential transactions in March, a 1.4 per cent rise month-on-month, and a 6.8 per cent increase annually.

In addition, there were 11,210 for non-residential transactions last month, which equates to an 8.9 per cent rise on a monthly basis, and 9.7 per cent in the year to March.

Yopa chief property analyst Mike Scott says that these figures show a stable property market, but that a a yearly rise was to be expected due to the “Beast from the East” weather pattern last march that depressed activity.

“Overall,” he adds, “the first quarter has been remarkably consistent with the previous five years, showing that activity in the housing market has not been dented by the current political and economic uncertainty.”

North London estate agent Jeremy Leaf comments: “These figures show a more resilient picture than might have been expected. But on the ground, this is what we are finding anyway, as we move into the traditionally busy spring buying season.

“We do not anticipate much change and certainly not until the Brexit position becomes clearer… although we do sense pent-up demand has not been released and many are itching to get into the market once a clearer picture emerges.”

MT Finance director Joshua Elash adds: “There is a danger that an overall number of transactions for the country as a whole masks an unhealthy market, which in large parts is either stagnant or in decline and empowers the government to continue with its strategy of an overly-aggressive stamp duty regime.

“We shall wait to see what this transactional volume equates to in net stamp duty revenues to HMRC.

“The suspicion is that the volumes reflect increased activity in the regions and secondary cities, which would be consistent with the recent house price data released by the Land Registry.

“But transactional volumes in London and the South East, where higher value properties yield higher stamp duty returns, remain suppressed.”


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 […]


Countrywide fined £215,000 in HMRC crackdown

Estate agency group Countrywide has been hit with a £215,000 fine for failures in its anti-money laundering checks. News of the fine comes after the Government this week revealed HM Revenue & Customs made surprise visits to 50 estate agency firms as part of a crackdown on money laundering in the property industry. Countrywide’s breaches […]

FCA logo glass 620x430

AMI calls on FCA to explain “disproportionate” rise in broker levy

The Association of Mortgage Intermediaries has called on the FCA to explain why its levy on mortgage brokers and lenders is set to increase by 4 per cent, while the industry-wide increase is just 2.7 per cent per cent. The FCA says that its budget for ongoing regulatory activity this year is £537.7m, up by […]

Navigating volatility

The making of any fund can be seen in how it responds to crises and opportunities. In this short video, Head of Multi Asset at Royal London Asset Management Trevor Greetham outlines how the Royal London Global Multi Asset Portfolios or GMAPs navigated through Brexit and the US election cycle. He also highlights the importance […]


News and expert analysis straight to your inbox

Sign up