The annual property transactions in the UK have gone up by 6.6 per cent, according to latest data released by the HM Revenue and Customs. The data brings relief to the stakeholders of the UK housing market following speculations over inconsistency in the property sector.
Compared over the last 10 years, the increase in the number of transactions is not significant, but still holds promise. The provisional seasonally adjusted UK property transaction count for August 2017 was 103,490 residential and 10,600 non-residential transactions. The provisional seasonally adjusted UK property transaction count for August 2017 was 103,490 residential and 10,600 non-residential transactions, indicating a stability in the housing market.
The publication by HM Revenue and Customs presents monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The figures are based on HMRC's Stamp Duty Land Tax (SDLT) and the Scottish Administration's Land and Buildings Transactions Tax (LBTT) databases.
However, the latest transactions are consistent with the trends in the last 10 years. March 2016 recorded the highest number of transactions in the last 10 years. This peak is associated with the introduction of higher rates on additional properties in April 2016.
These statistics are generally used by analysts, academics and policy makers to examine movements and trends in the UK property market.