Although there has been a gloomy outlook on the future of the UK property market, new HMRC data shows the market has continued to be resilient.
HMRC recently released the UK Property Transactions Count for August 2018, which shows the monthly estimates of residential and non-residential property transactions throughout the UK. The statistics include completed transactions for properties valued at £40,000 or above and are based on sales recorded by HMRC, Revenue Scotland, and the Welsh Revenue Authority.
Steady numbers for the UK
In August 2018, the seasonally adjusted count for residential transactions in the UK was 99,120, which is an 1.3% increase from July 2018 and a 2.6% decrease from a year ago. Non-adjusted, residential sales came to 117,240, a 12.9% increase from July to August. England saw a 12% growth in properties sold with 99,390 transactions. Of the UK, the biggest growth was seen in Scotland with transactions having went up 25.3%.
It wasn’t just one region that saw an increase in property transactions from July to August. England, Wales, Scotland, and Northern Ireland each had an increase in sales. On top of that, when looking at monthly property transactions for 2018, the statistics for the UK as a whole display steadiness.
The gloomy headlines over the past few months regarding the future of the UK property market hasn’t seemed to lower the confidence of buyers. Additionally, there has even been a rise in property listings throughout September after a quiet summer holiday period.
North of England expected to excel
Recent property market predictions have forecasted the north-west will outperform the rest of the UK over the next five years. And the north-east is not far behind, while property prices, transactions, and demand continue to falter in London and the south.
Recently, many Londoners have begun searching for better value and are buying properties in the north and Midlands instead. The north and Midlands are continuing to see house price growth, in addition to a high buyer demand, making these regions more profitable locations for homebuyers and property investors.