Residential property transactions in the UK are continuing to increase despite worries that Brexit concerns would significantly cool that market.
According to the latest HMRC statistics, property transaction increased by 1.4 per cent between February and March and by 6.8 per cent compared to March 2018.
“As always, transaction numbers are a better guide to property market health than prices, which can change quite sharply month by month,” said North London-based estate agent, and former RICS residential chairman, Jeremy Leaf.
“These figures show a more resilient picture than might have been expected. “Looking forward, we don’t anticipate much change and certainly not until the Brexit position becomes clearer.”
Kevin Roberts, director at Legal & General Mortgage Club agreed the UK’s housing market had remained stable despite political uncertainty.
Research from Legal & General showed that more than two-thirds of the 2,000 homeowners they surveyed, who were looking to buy or sell in the next six months, said the prospect of Brexit had no impact on their plans and only 12 per cent said political uncertainty had delayed their decision to sell.
“While existing homeowners remain largely undeterred by the current political climate it’s clear there are still other barriers preventing people from achieving their homeownership goals,” said Roberts.
The non-residential property market fared even better than the residential, with the number of transactions increasing for the second consecutive month in March, up 8.9 per cent on February 2019 to 11,210.
This was 9.7 per cent higher than the same month in 2018.
Article published 29th April 2019