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Record Number of Housing Market Transactions in March 2016

The number of residential properties sold in March 2016 hit a record high says HM Revenue & Customs.

Record Number of Property Transactions March 2016

The number of residential properties sold in March 2016 hit a record high says HM Revenue & Customs.

The UK Property Transaction Statistics report, published monthly by HMRC, reported that March 2016 witnessed the highest number of transactions in a single month since records began in April 2005.


The UK property market saw 165,480 residential property transactions over the course of March, marking a 41.5% increase on February’s figures and a 69.7% rise year-on-year.


The report, which tracks the number of residential and non-residential property transactions that are completed in a month, uses seasonally adjusted figures which take into account the imbalanced supply and demand throughout the year in the UK property market, providing a more reliable indicator of trends.


The non-adjusted figures, which are also published within the report, show a significant increase of 74.8% month-on-month and 77.1% more transactions than in March 2015.


The effect of the Stamp Duty Land Tax increase on second properties and buy-to-let investments has been keenly felt, as was reported by the Connells Group earlier this week, with landlords rushing to complete transactions prior to the new rules coming into operation on April 1.


Whilst the HMRC report highlights the significant impact of the SDLT changes, it also indicates that other factors, such as the Bank of England’s proposals to limit the availability of Buy-to-Let mortgages may have contributed to the surge ahead of the new financial year.

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