Residential property sales up in UK after election slowdown

Residential property sales in the UK increased by 4.7% between May and June 2015 and the seasonally adjusted transaction figure was 3.2% higher compared with the same month last year.

he official data from HMRC also shows a total of 104,590 residential and 10,460 non-residential transactions in June.

The number of non-adjusted residential transactions was 15.7% higher compared with May 2015 and the number of non-adjusted residential transactions was 5.8% higher than in May 2014.

It means that the UK property market is back on track after disruption caused by a wait and see attitude in the run up to May’s general elections, according to Peter Rollings, chief executive officer of Marsh & Parsons.

He said that the jump in sales in June has started to make up for any shortfall in the months preceding the general election and the market is seeing growth on an annual basis once again.
‘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 in the sector £1 million,’ he explained.

‘Buyer registrations are building as aspiring home owners seize hold of low mortgage rates and other incentive schemes currently available to them,’ he added.