SearchFlow responds to HMRC transaction data, June 2016

SearchFlow responds to HMRC transaction data, June 2016

HMRC transaction data reveals today the number of residential property transactions increased by 4.9% between May 2016 and June 2016.

Greg Bryce, Managing Director at SearchFlow, comments: “The figures indicate a slight increase in the transaction level despite the uncertainty during the run up to the referendum. And whilst this is 10.2% lower than the same time last year, the transaction level for the last three months is still substantially higher than the same period last year.  This is because of the large increase in transactions of 41.5% for March 2016, as buyers rushed to beat the higher rate on additional homes which was introduced on 1 April.

“Immediately after the Brexit result, we did witness a drop in residential transaction levels. Our conveyancing sentiment survey revealed that 28% of conveyancers noticed an increase in transaction failures in the wake of the referendum result. However, the remaining 72% did not. And a month later, activity levels are picking up again.

“Our survey reveals that the industry is remaining very positive about the health of the property industry. The clear majority, 60% of respondents, believe that transaction level will remain the same, 20% believe it will increase by 1-10% and 14% of respondents believe transaction level will increase by 11-20%.

“With interest rates expected to drop further, record low unemployment levels, the number of people owning their own home revealed to have stopped reducing for the first time since 2003, and a surge of interest in property purchases from foreign investors, the property market is in a very strong position to withstand any uncertainty surrounding Brexit.”

This article was submitted to be published by SearchFlow as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

SearchFlow

http://www.searchflow.co.uk

 

 

 

 

www.searchflow.co.uk

SearchFlow is the UK’s largest provider of legal due diligence data for residential and commercial property transactions. Since its formation, it has supported over 5,000,000 instructions and delivered 26,000,000 searches; this equates to around 1 in every 4 property transactions in the UK.

SearchFlow recognises that proactively supporting each client’s journey is vital to delivering the right due diligence insights, searches, data, surveys and insurance for every transaction – whether a single residential property or a complex commercial portfolio. Via its advanced online ordering platform and backed-up by an award-winning customer service team, SearchFlow supports clients in delivering the conveyancing solutions needed to manage due diligence risk and achieve compliance.

By partnering with SearchFlow, property law professionals in the UK can deliver smarter, safer, and faster property transactions to their customers.

Based in Kent, SearchFlow is a Landmark Information Group business, which is part of DMGT plc.

Visit www.searchflow.co.uk for more information or follow via social media for regular updates:

Twitter: https://twitter.com/SearchFlow

LinkedIn: https://www.linkedin.com/company/searchflow/

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