UK property sales up over 5% year on year

The number of UK residential property sales increased by 0.8% between August and September 2015, according to the latest figures published by HMRC.

The September seasonally adjusted figure is 5.4% higher compared with the same month last year while the number of non-adjusted transactions was around the same level as in August.

Overall the provisional seasonally adjusted UK property transaction count for September 2015 was 106,030 residential and 10,300 non-residential transactions.

Meanwhile, the latest Land Registry data shows there were 1,513,920 applications in the month of September, topped by the South East with 349,215.

Some 373,424 were applications were in respect of registered land (dealings) 680,982 were applications to obtain an official copy of a register or title plan, 210,635 were searches and
88,229 were transactions for value.

Peter Rollings, chief executive officer of Marsh & Parsons, believes that there was a real step change in the gears of housing market activity over the summer. ‘Since June property sales have been ticking along nicely, with this month on month rise the latest cause for optimism. There’s now clear blue water between sales levels now and a year ago and we’re seeing real eagerness from buyers,’ he explained.

‘Already, many buyers and sellers will be using the countdown to Christmas as their deadline to move home and complete transactions, meaning activity often picks up the pace in autumn,’ he added.

But he pointed out that London is a city of two halves at the moment. ‘At the top end, buyers are more cautious, and are taking their time to get used to steeper Stamp Duty on million pound plus property sales,’ he explained.

‘But at the mid and lower range of the market where domestic buyers tend to dominate there remain high levels of demand facing up to restricted housing stock. Here we’re seeing good activity when property is priced correctly, and longer ch