November 2016 saw 97,600 residential property transactions in the UK, which according to HMRC statistics is 7.3% lower than the figures from the same month last year, so is this is a major problem for the property industry here in the UK?
The November figures are a 0.8% improvement on October’s figures despite being drastically lower than the same month in 2015, which suggests that the amount of property transactions could be on a steady rise and this could mean that we may see a dramatic improvement by the same time in 2017 should it continue to rise on a monthly basis.
There has been some positive news for UK property transactions in 2016 however, with March figures proving to be the highest number of recorded transactions in the last ten years, so there are plenty of people with a positive mind-set ahead of whatever 2017 is going to offer the market.
“An increase in transactions for the second consecutive month is a positive indication that the property market is continuing to pick up” commented Stephen Wasserman, the managing director at West One Loans. “The appetite for property financing remains strong, despite the widespread economic turbulence which has shaped 2016.
“Certainly, with divided opinion across the sector and mixed messages filtering through, there is little consensus for investors as to the state of the UK property market as the year ends. However, we remain optimistic for 2017’s prospects, and anticipate many home buyers, buy-to-let and second home buyers will continue to emerge.”
So 2016 has been a mixed year in terms of property transactions in the UK, with some positives in terms of the gradual increase we are starting to see, but negatives in correlation to 2015. What happens in 2017 remains to be seen, but many are hopeful for more positive results next year.