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Housing Market in the UK has proven to be Resilient during 2017

The UK’s housing market has remained broadly resilient in 2017 once again. Last month saw a 7% upturn in transactions when compared with the same month last year. This places the property market on a good footing for the challenges that 2018 may bring.

Whilst we have seen many buyers rush to complete in time for Christmas some market hopefuls are still finding tough conditions, as demand continues to outweigh supply.

The HMRC property statistics for November 2017 have been published recently for residential and non residential transactions. This publication is based on data from both the HMRC’s Stamp Duty Land Tax (SDLT) and the Scottish Administration’s Land and Buildings Tax (LBTT) databases and lists data for the UK and its constituent countries

Figures for November 2017, show that the provisional seasonally-adjusted UK property count stood at 104,200 residential and 11,150 non-residential transactions.

The number of residential transactions grew by 0.6% between October 2017 and November 2017. The seasonally adjusted figure is 7.1% greater than the correspondent month in 2016.

As far as non-adjusted transaction levels are concerned, the figure recorded for November 2017 was around 0.4% lower than October of this year. In comparison to November 2016, however, the number of non-adjusted residential transactions this year was 6.1% higher.

With regard to non-residential property transactions, the seasonally adjusted estimate grew by 5.2% between October 2017 and November 2017. In comparison to the corresponding month last year, the figure for 2017 was 5.0% greater. As can usually be expected with the seasonal nature of purchases, non-adjusted transactions have observed peaks and falls on a monthly basis.