Residential sales have risen slightly towards the end of the year

by Gary Whittaker

Property sales in both the residential and commercial sectors have started to pick up towards the end of the year, new data has shown. 

According to the latest report released by HMRC, November saw an 0.8 per cent rise in residential sales volumes when compared to October, while the commercial property market also experienced an increase in activity, with 5.1 per cent more sales than the month before. 

Stephen Wasserman, managing director of West One Loans, said this is the second month in a row that the market has returned increasing sales, which could suggest a Brexit rebound. 

"The appetite for property financing remains strong, despite the widespread economic turbulence which has shaped 2016. Certainly, with divided opinion across the sector and mixed messages filtering through, there is little consensus for investors as to the state of the UK property market as the year ends."

However, the data also outlines how the market has changed in the course of the past year, where the sales of property have fallen markedly. It's hardly surprising in a year where political and economic uncertainty have been rife, but the number of home sales in November was 7.3 per cent lower than at the same time a year before. 

For the year as a whole, HMRC said that there had been signs that the market is still particularly strong, even if it is being affected by the political sector at the moment. For example, in the first two quarters of 2016, there was a marked increase over the same periods 12 months prior. 

In spite of the falls, experts say that the market is still showing signs that it has overall health and a strong outlook for next year. The gap between last year's sales and this year's are starting to fall, with this gap having reduced from nine per cent to seven per cent in the last couple of months. 

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22-December-16General Lettings News