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UK Housing Market Sees Strong Buyer Activity in January 2017

The latest government data shows a 4.9% increase in the volume of residential property transactions between December 2016 and January 2017.

The latest government data shows a 4.9% increase in the volume of residential property transactions between December 2016 and January 2017.

The figure, which is seasonally adjusted, stands 0.3% higher than in January 2016, marking a rise in buyer activity for the fourth consecutive month.

 

According to Her Majesty’s Revenues & Customs (HMRC), the total number of residential property transactions in January amounted to 104,820. However, the department emphasises that this figure is a provisional estimate and “therefore subject to revision”.

 

Analysing historical trends in the UK’s housing market, HMRC revealed that transactions have remained on an upward trajectory for a number of years, reaching a peak of circa 150,000 per month.

 

March 2016 saw the largest number of residential transactions over the last decade, a spike driven predominantly by the introduction of higher rates of stamp duty on additional homes in April last year, said the government organisation.

 

When comparing seasonally adjusted data and non-adjusted data, HMRC found that the strongest activity for the UK’s housing market is often seen throughout the summer months, with a distinct low point visible around the end of the calendar year.

 

Earlier this week, the Office for National Statistics released their latest estimates for UK property values in the year to December 2016, indicating that prices have surged by 7.7%.

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