The number of monthly house sales have risen by 9.8% in October compared to September, according to the latest UK property transaction statistics from HMRC. Real estate partner, Lee Pickett, comments on the latest figures.
The HMRC data for October on property transactions completed in the UK with value of £40,000 or above shows that the residential market is exhibiting strong signs of growth at a time when other parts of the economy are not in such good health.
The October figures follow an upward trend, with 105,630 residential property transactions. The stamp duty holiday – which is in place until next March – is encouraging homeowners who may have otherwise battened down the hatches to return to the market in large numbers to sell their property and move along the housing ladder.
This simulated boost to the residential market is having the desired effect of creating volume in the market, but it could also be argued that it is swelling prices too, with average UK house prices now around eight times more than the average UK salary. Mortgage rates are at an all-time low, but that, coupled with the stamp duty holiday, is still not enough for many who want to get a foot on the housing ladder.
