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TODAY'S OTHER NEWS

Autumn bounce for property transactions according to new figures

There’s been an encouraging increase in property transaction volumes according to new figures from HM Revenue & Customs.

The total number of transactions in September - 101,740 - was up 5.0 per cent on August and an increase of 2.3 per cent on September 2018. 

Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “Although these figures are estimated, a positive interpretation is always better than a negative. These figures show once again the relative resilience of buyers and sellers. They also show the enthusiasm for the more serious to get on with moving despite the various political distractions going on around them.

“Looking forward, we don’t anticipate too much change and certainly no fireworks in the next month or so even if a Brexit deal can be negotiated, although there is inevitably some element of pent-up demand as many await the outcome.”

And the founder and chief executive of Springbok Properties, Shepherd Ncube, adds: “A seasonally inspired spike in transactions will be welcomed across an otherwise weary market and while uncertainty continues to dominate the property sector, this late rally in the number of homes being sold proves there is plenty of life in the old dog yet.”

Meanwhile Neil Knight, business development director at Spicerhaart Part-Exchange and Assisted Move, says the picture is “pretty rosy” if one takes an optimistic view on an imminent Brexit breakthrough.

“If MPs can now get Brexit sorted, we will see a lot more confidence return to the market. We’re also looking to the Chancellor to make some changes to Stamp Duty, which is having a very damaging effect on people looking to move home” he suggests.

There were also 10,500 non-residential transactions in September. This shows a monthly increase of 7.7 per cent and a small 0.2 per cent rise over the year.

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