7 May

Is this the wiggle room Hammond needs? Property transactions rise by 9.2%, says HMRC

first_imgHome » News » Is this the wiggle room Hammond needs? Property transactions rise by 9.2%, says HMRC previous nextIs this the wiggle room Hammond needs? Property transactions rise by 9.2%, says HMRCThe number of residential properties sold last month topped 105,000, an increase compared to both a year and a month ago.Nigel Lewis21st November 20170700 Views The number of residential property transactions during October increased by 9.2% year-on-year, according to the latest figures from HMRC.Last month 105,260 residential properties were sold above the value of £40,000 in the UK which, as well as being substantially higher than October last year, is 1.7% higher than September.But the market in England has some way to go before it attains the heady heights of the pre-financial crash years during which transactions reached over 130,000 a month.“The uptick in property transactions demonstrates the underlying stability of the sector, and is a positive message to the market ahead of Wednesday’s Budget, which is expected to be largely housing focussed,” says Stephen Wasserman, Managing Director of West One Loans (pictured, left).“It will take some time for the market to fully recover from the upheaval of stamp duty hikes and economic uncertainty caused by Brexit negotiations, but if Hammond scraps stamp duty for first-time buyers, as it’s rumoured he may do so, we could see the market grow at a faster rate.”These latest HMRC figures come just a month after it revealed that its revenues from Stamp Duty levied on residential properties increased by 10% to £11.76 billion during 2016/17 compared to the year before.This extra revenue, HMRC says, comes from the recent extra 3% Stamp Duty on second and buy-to-let properties.“Stamp duty, a subject of much speculation ahead of the Autumn Budget, remains a structural disincentive to move home, while falling real wages are also restricting affordability for those hoping to buy,” says John Eastgate, Sales and Marketing Director at OneSavings Bank (picture, right).HMRC Phillip Hammond property transactions Chancellor of the Exchequer November 21, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more