PROPERTY SALES HIT A THREE YEAR HIGH

Mon 24 Feb 2020

HMRC has recorded the highest number of transactions for the month of January for three years.

The information which is based on Stamp Duty returns, records 102,810 sales for the first month of the year.

This is up 5.2% annually and the highest level for the month since 102,880 were recorded in January 2017.

Nationally, sales volumes were up annually across all regions, increasing 13.2% in Northern Ireland, 12.3% in Wales and 12.7% in both England and Scotland.

Locally, our sales volumes were up by 36% for the month of January compared to January 2019.

Stamp Duty returns are now being sent to HMRC 14 days after a property sale completes and this allows the taxman to take a snapshot of the data two weeks into a month.

This means that many of these sales will have been completed around the time of the General Election in December, although some may have been through the exchange and completion process before then.

It is fair to say that we have seen an uplift in the local property market, as the backlog of transactions that were put on hold at the end of 2019 are now starting to come through, given the improved political climate.

We have also seen the number of property valuation increase by 30%, compared to this time last year and now really is the time to maximise the true potential of your property.

So if you are considering a move, then why not contact our experienced sales team.

Andrew Whyman
Director