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Property News > Property Sales Show UK Housing Market is Moving Forward Steadily
Property Sales Show UK Housing Market is Moving Forward Steadily
It is fair to say that at the moment the UK economy has many things that could negatively affect it. From the General Election and the chaos in the Government, to Brexit things are looking anything but stable. Thankfully though the property market appears to be weathering the storm, at least for now.Looking at data from HMRC it appears that between September and October 2017 there has been an increase of 1.7% in property sales in the UK. This is a higher rise than in the same time period in 2016. What this means in terms of actual property sales is 105,260 residential sales, and 11,280 non-residential sales.This growth is a good sign that even with the news around Brexit not being the best, the property market is weathering the storm. This could change of course as the actual process begins, but for now the decision to leave the European Union is having little effect on the property market.When looking at what is having more of an effect, the usual suspects do make themselves known. This includes the stamp duty hike and the changes to property tax that is paid by the buyers. This is one of the reasons that there is a call for changes to these issues in the Budget.With the Government showing an eagerness is promoting growth in the property market, and making it more accessible for home buyers, it is expected that the Budget will feature some measures to help promote this growth. We’ll have to see what Philip Hammond reveals though, and what it means in real world terms for people wanting to get onto the property ladder.Even with the property market showing some growth, it is still expected to struggle because of stamp duty, tax issues, and of course Brexit. With the process of leaving the EU only just really starting, the deeper the UK get into the negotiations, the more the property market is likely to start being affected.Right now, there is a high demand for homes, and people are taking action now to buy the property that they most desire. This move may be an early attempt at acting before any negative affect of Brexit, but there are still other reasons that some buyers will be holding off. With there being an expectation that the Budget will help home buyers, it will be interesting to see the impact.Hopefully the Government will help promote the growth of the property market, and give economic incentives that make this happen. If this is the case, then a stronger property market may be able to fight off any problems that the impending Brexit influence may bring to not only the property market, but also the economy as a whole.