Residential transactions jump 4.3% in October: HMRC

On a seasonally-adjusted basis, the number of residential property transactions is 4.3% higher than October 2018 and also 4.3% higher than in September 2019.

Andrew Montlake, managing director of Coreco, commented: “While Boris may want to “get Brexit done”, many households simply want to get their purchases and sales done ready to weather out whatever happens next.

“Despite the political climate heating up significantly in the Autumn, on the ground people have remained extremely pragmatic and are just getting on with it.

“Extremely low borrowing costs, a strong jobs market and more affordable prices are underpinning activity in the market despite the political bedlam.

“We’re seeing a lot more people lock in to extremely competitive 5-year fixed rate mortgages, which offer a medium-term hedge against the uncertainty of how Brexit will play out.

“Traditionally, activity levels tend to drop in the weeks before a General Election but again the urgency to get into a new home before Brexit is outweighing that.”