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Housing transactions break 100,000 barrier in September

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  • 22/10/2019
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Housing transactions break 100,000 barrier in September
More than 100,000 housing transactions were completed in a month for the first time this year in September.

 

In contrast, last year boasted three months with more than 100,000 transactions and four with at least 99,000, highlighting the sluggish market.

According to data from HM Revenue and Customs (HMRC) there were 101,740 residential transactions last month on a seasonally adjusted basis.

This figure was 2.3 per cent higher than September 2018 and 5.0 per cent higher than August 2019.

However, the total of 882,950 so far in 2019 is one per cent down on the first nine months of 2018 which saw 890,700 transactions.

Perhaps more concerningly, it is the lowest total since 2013 when just 772,000 transactions were completed between January and September, reflecting a continuation of the widely reported slowdown in the market.

 

‘Expected a bigger increase’

MT Finance commercial director Gareth Lewis noted the increase in transactions was always good news but added that was only a marginal gain as Brexit continued to suppress and subdue the housing market.

“The uplift in transactions compared with last year is encouraging, although you would expect an increase from August as people come back to work after their summer holidays and get on with things,” he said.

“We would have expected a bigger increase in transactions in September but then the protracted negotiations over Brexit have put paid to that.

“Ultimately, people have to move at some point, for whatever reason. The reality is that as those at the top end of the transactional flow are holding fire, the trickle-down stimulus is removed and others aren’t able to move up the chain. Everyone is impacted,” he added.

 

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