Property sales in England and Wales down by 3.3%

llAs per the record, Property sales in England and Wales fell by 3.3% between May and June 2017 but this was 1% higher than a year ago. According to HMRC, Non-residential property sales fell by 5.5%, some 10.3% lower compared with the same month last year. However, Caution should be used when making comparisons between the level of transactions in June 2017 and June 2016. This was associated with the introduction of the higher tax rates on additional properties in April 2016.

Stephen Wasserman, Managing director of West One Loans: “The housing market is still resilient despite a dip in sales. We’re confident that transactions will pick up again in the coming months as the sector recovers from the initial shockwaves from the election. We are in a period of prolonged economic uncertainty, and during this time it is important, borrowers are aware of the range of financing options available to them. We’re seeing steady growth in investors taking out bridging loans, making the most of the flexibility and quick turnaround times they offer.”

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