UK Property Market Update: Sales and Prices both rise

UK Property Market: Sales and Prices both rise

• Figures from HMRC report Sales of UK property have increased by 4.9 per cent month-on-month, despite market uncertainty following the EU referendum
• 95,000 homes were sold in June, an increase of 6,000 more transactions in May
• With sterling falling against the dollar and euro, the UK market have received increased interest from international investors.
• Halifax Recorded a 8.4 per cent House Price Increase Year on Year.

UK Property Market: Sales and Prices both rise; Positive news for the UK property Market! Latest data from HMRC and Halifax respectively, state UK Property Market Sales and Prices both rise. According to latest data from Halifax bank and HM Revenue and Customs.; House prices continue to rise; and so do the number of transactions. The number of residential property transactions in the UK increased by 4.9% month-on-month from May to June, according to new data from HM Revenue and Customs (HMRC). Figures from HMRC show 94,550 homes were sold in June compared with 89,700 in May. Despite the uncertainty around the EU referendum and higher stamp duty costs for buy-to-let investors and those acquiring second homes. Latest data issued from Halifax last week, showed a year-on-year house price increase of 8.4 per cent. Halifax says prices in the three months to June were 8.4 per cent higher than in the same three months of 2015. In June, the average price of a home stands at £216,823. Prices in the last three months (April-June) were 1.2 per cent higher than in the preceding three months.

What the Economists Are Saying

Martin Ellis, Halifax housing economist, said: “There is evidence that the underlying pace of house growth may be easing. House prices in the three months to June were 1.2 per cent higher than in the previous quarter; down from 1.5 per cent in May. The annual rate of growth fell from 9.2 per cent in May to 8.4 per cent; the lowest since July 2015. Chief Economist at Nationwide, Robert Gardner said; “It has become difficult to gauge the underlying pace of demand in recent months, due to the surge in house purchase activity in March; ahead of the introduction of Stamp Duty on second homes on April 1. “The lack of homes on the market – with estate agents continuing to report a record low number of properties on their books – will also provide underlying support for prices even if demand softens.” He added.