Housing transactions recover from post referendum vote decline

The latest figures released by HMRC reveals that activity in the wider housing market had dipped at the end of summer and then risen again for autumn. Property transactions in December on a seasonally adjusted basis were unchanged on November and 4% down on a year ago.

Latest figures released by HMRC reveal an encouraging improvement from the slump in transactions recorderd during the summer months post Brexit vote.

The latest figures released by HMRC reveals that activity in the wider housing market had dipped at the end of summer and then risen again for autumn. Property transactions in December on a seasonally adjusted basis were unchanged on November and 4% down on a year ago.

The increase in residential property transactions following the fall last summer is due to UK GDP. The latest data released by the British Bankers' Association indicates that mortgage approvals rose in Q4 2016 due to the 0.6% rise in UK GDP. Gross mortgage borrowing totalled £12.6bn which had risen 3.6% compared to a year ago. On the other hand net mortgage borrowing had grown by 2.5% compared to a year ago.

The outcome of the Brexit vote in Q3 2016 may have accounted for the summer drop off, but then this bounced back for the end of Q4 2016.

Private housing projects securing detailed planning approval is still within double digits. Glenigan recorded an 11% rise in the value of private housing approvals under £100m during the past 12 months to December.