Residential transactions up 0.8% in November: HMRC

The seasonally adjusted figures show that transactions remain 7.3% lower compared with the same month last year.

The number of non-adjusted residential transactions was 5.1% higher compared with October 2016 and 4.3% lower than in November 2015.

Stephen Wasserman, Managing Director of West One Loans, commented: “An increase in transactions for the second consecutive month is a positive indication that the property market is continuing to pick up. The appetite for property financing remains strong, despite the widespread economic turbulence which has shaped 2016.

"Certainly, with divided opinion across the sector and mixed messages filtering through, there is little consensus for investors as to the state of the UK property market as the year ends. However, we remain optimistic for 2017’s prospects, and anticipate many home buyers, buy-to-let and second home buyers will continue to emerge."

Adrian Gill, Executive Director of Your Move & Reeds Rains, added: “With Christmas fast approaching it is not unusual to see a lull in buying and selling, so a slight monthly surge in transactions highlights the ongoing appetite from buyers.
 
“However, the annual decrease these figures show is likely due to the continuing squeeze on affordability. This is putting pressure on first time buyers, who are finding it increasingly hard to take their first steps onto the property ladder.  
 
“The Government’s recent announcement of a £1.4 billion investment into the housing market, as well as the building of 40,000 new affordable homes, is welcomed news towards addressing this issue. Hopefully this funding will start to make a real difference and we will see more buyers secure their dreams of home ownership.”