Residential property sales rise above Brexit uncertainty

New figures published by HM Revenue & Customs (HMRC) in recent days reveal that residential property sales were up significantly in October, despite the autumn being characterised by political uncertainties and falls in consumer spending.

According to the official report, which documents all completed property transactions over the course of the month, 111,950 UK homes were sold in October – up by an impressive 12 per cent on the 98,360 homes that were sold in September.

Year-on-year, October’s figure also represents an almost four per cent increase, commentators have been keen to point out.

Brian Murphy, of the Mortgage Advice Bureau, said that the figures should be taken as proof of a “positive consumer sentiment” across the UK property market regardless of the challenges posed by political uncertainties surrounding Brexit.

However, he and other analysts noted that regions such as “the Midlands, Yorkshire and the Humber and Scotland” were the healthiest environments in terms of overall property transaction numbers, while London and the South East – where house prices have fallen of late – have “borne the brunt of the ongoing economic and political climate.”

Peter Sherrard, of property valuation website, added that HMRC’s data proves that the market remains largely robust.

“From what we can observe, indicators from the summer months would suggest that transaction numbers for November and December are likely to remain steady, with little impact on the current monthly figures this side of the Christmas holidays,” he said.

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Nick Davies
Nick is the Head of Property in our London office, having joined in the firm in 2005. His expertise covers a wide range of real estate transactions, with cases including both residential and commercial property deals, shops, pubs, restaurants, development sites, offices, lease renewals, enfranchisement, litigation and corporate support.