Property market remained resilient despite being a traditionally muted time of year
New data has been released by HM Revenue & Customs (HMRC) that demonstrates the tenacity of the UK's housing market.
Residential transactions in January totalled 102,610 on a seasonally-adjusted basis, up 1.3% compared with December and just 0.1% lower than the same month in 2017, when 107,720 property transactions took place.
Although transactions were down in January compared to December by 23.3% on a non-adjusted basis, they were up by 2.6% year-on-year.
Former RICS residential chairman and north London estate agent Jeremy Leaf believes the data defends claims that the market has remained robust, saying:
“Transactions are a much better barometer of the health of the property market rather than prices. These figures demonstrate yet again the remarkable resilience of the property market even in the traditionally quieter month of December.
“Activity remains steady, rather than spectacular, as buyers and sellers come to terms with more stable trading conditions and must be prepared to be realistic in order to successfully complete their transactions.”
Brian Murphy, head of lending at Mortgage Advice Bureau agrees, stating that "the property market has started 2018 from a solid footing."
In a recent house price index, Rightmove reported that properties were selling fastest in the Midlands, describing them as “selling hotspots.”