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Property transactions fell month-on-month in November

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  • 22/12/2015
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Property transactions fell month-on-month in November
Residential property transactions decreased by 5.7% to almost 102,000 between October and November.

However, this is an increase by 3% compared to the same time last year, which saw just over 99,000 transactions, seasonally adjusted figures from HM Revenues & Custom (HMRC) show.

When the figures are not seasonally adjusted, residential transactions are 13% lower against October, but 6.7% higher than in November 2014.

Non-residential property transactions fell by 11.5% to almost 9,000 month-on month and by 6.4% compared to November 2014 when seasonally adjusted.

When non-adjusted, the number of transactions decreased by 16% month-on-month, and by 3.9% compared to the same time last year.

Andrew Bridges, managing director of Stirling Ackroyd, said: “The property market is still being haunted by the usual ghosts of Christmas past – annual price rises, feverish demand and a scant supply of new homes.

“Seeing more people in new homes is what it’s all about in the run up to Christmas. But for Londoners around the capital this is a distant dream for far too many. As transactions dip, all sides of the housing market feel the effects. Stamp Duty changes appear to have caused concern at the top end and for those at the bottom – it’s a constant tussle with affordability.”

In the Autumn Statement, the Chancellor announced a 3% surcharge to Stamp Duty Land Tax (SDLT) on buy-to-let properties and second homes, which will take effect in April 2016.

Bridges said: “Only a rising number of new builds and new homes can deal with drastic demand – and these need to be top of both the government’s, and the future mayor’s resolution list in the New Year.”

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