Property News > Official data shows rise in UK property sales between June and July 2017

Official data shows rise in UK property sales between June and July 2017

Despite uncertainty stemming from the official triggering of Article 50 alongside Theresa May’s unexpected to call a snap election for June 8th, property sales in the UK actually climbed between June and July, as indicated by official date.UK house sales increased by some 1.3% between the months June and July, as much as 8.3% high compared with the same period last year. Current figures echo that seen in 2015, however, it comes as no secret that the past year has been for than turbulent for the economy, and as it is so intrinsically linked to the nation’s housing market, the property sector has experienced a knock-on effect.There is no denying that the residential market has been affected by the decision to leave the European Union. That said, despite the seemingly positive summer for the housing market, HMRC have urged caution when making comparisons of transactions between July 2017 and July 2016 as political and economic changes represent that of a small gulf.Viewing the uplift in property transactions as a turnaround in the market would be a naïve assumption as in actual reality, the market has reverted to the same levels as two years ago. Of course, many experts predicted the property market to crash following the referendum vote in June 2016 and that has not happened, though whilst this is much true, many hurdles still block first time buyers, prospective buyers and sellers in creating a winning housing market.A critical lack of supply remains in place and this continues to drive up prices to unreachable heights for many. The Government needs to start building if it is ever to see a fluid property market emerge any time soon. Though one positive is that it is extremely unlikely that we will see the property grind to a complete help as low interest rates are keeping demand high.Still, it is important that the government addresses the ongoing issue of supply and a long-term solution is needed in the form of building more homes in order to allow a larger number of affordable properties enter the market. And not will this provide more choice for second and last time buyers but also free up additional housing stock for first time buyers to secure home ownership.The recent political and economic upheaval experienced by the UK over the past few months has undoubtedly plagued the property sector, thus, the increase in sales may well be an indication that buyers and sellers are finally beginning to feel more confident.Admittedly, many areas of the property market has experienced difficulty during what has been a turbulent summer but simultaneously, many areas have flourished. One clear example of this is the bridging sector which has gone from strength to strength in recent months, most likely an outcome of borrowers seeking alternative financing options. Now, it is important that those seeking a purchasing are aware of the range of loans available to them, including the ones that offer flexibility in such unstable times.

Related Articles

Demand for property rises in London, but Wales and Scotland have largest increase

Property demand continues to rise in London, but demand has slowed down in commuter locations around the capital. The latest index also shows that Wales and Scotland are outperforming the ...
View >>

A poor state of repair puts off home buyers in the UK, survey suggests

The top reasons why home buyers in the UK are put off buying a property are damp, bad smells, poor maintenance and broadband blackspots, according to new research.Almost 70% ...
View >>

Lenders in the UK think 10 year mortgage deals are set to become popular

Two major lenders have announced new long term products in anticipation of a rise in popularity of ten year mortgage deals.Both Lloyds Bank and Halifax believe that borrowers are ...
View >>

Need Help?

Thank you. We will give you a call back as soon as possible!
Name *
Email *
Phone *
When would you like a callback? *