According to the latest HMRC UK property transaction statistics, the seasonally adjusted estimate of residential property transactions increased by 4.7% in June compared to the previous month, with transactions rising 3.2% compared to the same time last year.
The number of non-residential property transactions also saw an uptick in June rising to 10,460 from 9,670 in May.
Residential property transactions peaked in 2006 at 1.6 million, before plummeting to 916,920 in 2008 as the financial crisis took hold. Total residential transactions for 2014 stood at 1.2 million.
HMRC analysis of non-seasonally adjusted and seasonally adjusted data of residential transactions pointed out that activity was strongest in the summer months with “a clear low point” towards the end of the year.
Peter Rollings, CEO of Marsh & Parsons, said: “In London, supply of properties for sale and buyer demand are head-to-head, squaring up for steady price growth over the rest of the summer. Confidence is returning to the capital once again, particularly below £1m, and buyer registrations are building as aspiring homeowners seize hold of low mortgage rates and other incentive schemes currently available to them.”
Stephen Smith, director, Legal & General mortgage club and housing, said: “The market is gaining momentum after a slow start to the year, as shown by today’s HMRC data. The pick-up in property transactions signals an end to election uncertainty that caused buyers and sellers to postpone entering the market. However, this could be harmful to the overall health of the market, as increasing activity is likely to accentuate the current imbalance in supply and demand.”
