Transaction data released by HM Land Registry indicates a resilient and improving property market despite a barrage of Brexit uncertainty.
The 1,709,120 applications to change or query the land register, are the highest recorded figures since July and indicate that the UK may be starting to enjoy a modest autumn bounce.
September’s completed applications represented a marginal 0.13% increase on the 1,706,827 recorded in August and a 4% upturn on the 1,648,666 applications from September 2018.
Of the total, 331,200 applications were made for register updates, down marginally from 339,583 in August.
878,321 applications were made for an official copy of a register compared with 885,154 in August.
Official searches increased in September from 215,336 in August to 226,243 whilst postal applications increased slightly from 18,284 in August to 19,042 in September.
Neil Knight, business development director at Spicerhaart Part-Exchange and Assisted Move, said:
“The latest HMRC transactions figures are really encouraging. Although there is a slight fall from August, this is to be expected as activity tends to drop off during the summer, resulting in fewer completions in September.
“On a seasonally-adjusted basis, the numbers are up by 5 per cent month-on-month, and the raw numbers are up more than 6 per cent from the same time last year.
“If you take into account the ongoing uncertainty around Brexit – and there’s just a glimmer of light at the end of that particular tunnel – this paints a pretty rosy picture. We’re certainly continuing to see strong demand at Spicerhaart and I’m hopeful that if MPs can now get Brexit sorted, we will see a lot more confidence return to the market.
“We’re also looking to the Chancellor to make some changes to Stamp Duty, which is having a very damaging effect on people looking to move home.”
Do September transactions paint a really encouraging picture?
