Residential property sales in the UK increased by almost 5% between the end of last year and January, according to the latest official figures to be published.
Overall the number of property transactions increased by 4.9% between December 2016 and January 2017, according to the latest HMRC data.
The seasonally adjusted figure for the month was 0.3% higher compared with the same month last year, the fourth month in a row of increasing sales, and up from the 0.2% rise recorded in November and December last year.
The figures are an indication of buyer confidence, according to Stephen Wasserman, managing director of West One Loans. ‘The growth in property transactions is a promising start to the year and, although we’re anticipating some further economic disruptions caused by the political climate at home and abroad, these are encouraging signs,’ he said.
He believes that going forward the lending industry has to keep offering more flexible financing options to buyers. ‘This is imperative if we’re going to keep the market moving and enable property investors to navigate the market successfully in the months and years ahead,’ he added.
Meanwhile, the latest figures from the Land Registry show that it completed more than 1,563,350 applications in England and Wales in January, led by the South East with 359,984.
Some 388,076 were applications in respect of registered land, 733,752 were applications to obtain an official copy of a register or title plan, 189,511 were searches and 84,247 were transactions for value.
