Property sales in UK rose over 20% in April 2017

london_propertyResidential sales in UK reached almost 100,000 in April 2017. According to the data published by HMRC, There were 99,910 residential transactions and 9,980 non-residential sales. However, this was down by 3.2% month on month and April 2016 saw sales fall due to tax changes. Indeed, it is best to avoid direct comparisons of residential sales between April 2017 and 2016 due to the unusually low level of transactions in April 2016 due to the introduction of extra stamp duty on additional homes.

Shaun Church, director of Private Finance: ” While residential transaction levels are significantly higher than a year ago, the changes to stamp duty for second home buyers in March 2016 render an annual comparison pointless, Home owners and investors rushed to beat the deadline last year, which led to an explosive March followed by a quiet April for the residential market. Today’s market remains slightly sluggish, with the number of seasonally adjusted transactions dipping between March and April, The main reason behind weaker transaction figures remains the changes to stamp duty, which have particularly limited activity towards the upper end of the housing market.”

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