Andy Sommerville, director of Search Acumen, comments on HMRC property transactions, July 2016.
“After the ups and downs of the past few months, today’s transaction statistics suggest the market is stabilising, as the month-on-month change sits at under one percent. Many would have expected a sharp fall in transaction activity in what was the first full month in our post-referendum economy, yet an underwhelming change suggests the darkness in our market shows little sign of worsening.”
“Despite the encouraging resilience the market has shown in the short term, the bigger picture reveals an 8.3% decrease in transactions since July last year, demonstrating the true hit we’ve taken from Brexit, combined with the underlying issue of affordability. As our economy absorbs the shock of the past three months, it is positive that homebuyers are being given a leg-up into the property market to reignite demand and boost our industry.”
