Residential property sales remained positive in January 2019 in the UK, according to latest data from HM Revenue & Customs (HMRC).
The residential sales completed last month was 1.3 per cent higher when compared to January 2018. On a month-on-month basis, the property sales increased by 0.8 per cent (over December 2018). Property sales continue to remain in the positive territory despite Brexit-related uncertainty prevailing in the housing market.
January sales figures are an encouraging development for the UK housing market. This also reflects the confidence of home buyers and property investors in the UK real estate market.
Majority of the investors are exploring the UK real estate market for investments because of the strong fundamentals of the local property market. Moreover, it is the right time to invest in a London residential property, as house price growth has slowed down in the last 2-3 months. Generally, investors consider investing in an asset when the value is comparatively low because the market usually bounces back in the near-term.
London house prices are expected to pick pace in the second half of 2019 after the UK secures a Brexit deal. Many property advisory firms have predicted double-digit growth in house prices over the next five years.
Strawberry Star is an expert advisor on London residential property investments. For details, call +44 (0) 207 437 1000.
HM Revenue & Customs (HMRC) presents monthly estimates of the number of residential and nonresidential property transactions in the UK.