UK residential sales up by 4.9 pc

Home-House-Property-Residential-UK-700x450The temporary seasonal adjustment in UK property transaction count for June 2016 was over 94,500 residential transactions. Residential property sales recorded in the UK increased by almost 5% between May and June 2016, according to the recent reports. The residential transaction count is up 4.9% month on month, whilst it is 10.2% lower on comparing year on year. According to HMRC, the increase in transactions is due to the introduction of the higher rates on additional properties, followed by the considerable reduction in April.

According to Doug Crawford, CEO of My Home Move, says: “June’s figures show a market returning to health after a very quiet April and May which was due to investors doing business earlier in the year to avoid the stamp duty changes. The June increase shows that the property market mostly shook off the uncertainty from the EU results, as most purchases went ahead without any issues. The fundamentals of the property market are strong enough that there will not be a significant impact.”

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