Number of property transactions up

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The number of UK residential property transactions was up 6.3% for the year to the end of October, official figures show.
 
According to data from HM Revenue & Customs, a total of 105,490 homes were sold in October, compared to the 99,290 homes sold in the same month last year.
 
There was a slight dip in sales of 0.2% from September, but this cooling off is typical following a busy summer.
 
The number of non-residential transactions was 2.6% higher than in October 2014 at 10,160.
 
Peter Rollings, CEO of Marsh & Parsons, said: “October marks the fifth consecutive month that home sales have cleared 100,000, putting activity in a whole other league to the first half of 2015.  There has been a slight correction on a monthly basis, but we’re still head and shoulders above a year ago, as buyers ride high on the wave of low interest rates and attractive mortgage products.
 
“In London, supply and demand are moving in different directions. We’ve seen the number of available properties for sale fall 5% during the third quarter, compared to a 4% boost in buyers over the same period. As a result, there are currently 14 buyers competing for every home on the market in the capital. Where property is priced sensibly, it is changing hands quickly, but if not, there is still a lot of hesitation in the mix in London. With a lot more stamp duty riding on transactions now, purchase decisions are more price sensitive than a year ago.”
 
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Demand from potential buyers remains high, with many taking advantage of the excellently priced mortgage rates available on the market. Affordability has also benefited from an improving economic outlook, with low inflation and rising wages helping to offset house price rises, which have been more moderate compared to last year. The outlook is certainly positive for those who meet lenders’ criteria.
 
 
Property News sponsored by  Alex Jones sales and Lettings http://www.alex-jones.co.uk/
 
 
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