Property transactions hold steady ‘despite Brexit’ worries

first_imgHome » News » Housing Market » Property transactions hold steady ‘despite Brexit’ worries previous nextHousing MarketProperty transactions hold steady ‘despite Brexit’ worriesPent up demand is beginning to release as buyers get fed up waiting for the UK to leave the EU, but a lack of stock continues to dog the market.Sheila Manchester22nd May 20190926 Views The latest property transactions report from HMRC covering April have revealed a small month-on-month dip in the number of residential sales to 99,420 but, when seasonally adjusted, show sales hovering at around 100,000 a month for the past 12 months.“Against all odds, today’s data reveals that property transactions remained steady across the country in April,” says Paul Smith, CEO of haart estate agents (left)“On the ground, we are seeing pent up demand build among buyers, but the market is still challenged by lack of stock. Latest data from our branches tells us that there are now 12 buyers chasing every instruction across the country, so when the right property does come along it’s not on the market for long.“The bulk of property transactions that are making their way over the line are from first-time buyers, largely due to the support that government has provided to this demographic of the market. However, if we want to see an increase in transactions more generally, we need to muster confidence in both buyers and sellers across the board.“Industry commentators and politicians are continuing to bang the drum for stamp duty reform, and rightly so. We cannot continue to ignore the swarm of robust evidence which proves how the arbitrary taxation is stifling the economy and the market. The market cannot return to normality until we have clarity on Brexit, but in the meantime, the government can make a difference by reforming taxation now.”haart HMRC Transactions statistics Paul Smith property transactions Sheila Manchester May 22, 2019The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more