More evidence of the recovery in the UK property and housing market has been released from HM Revenue and Customs (HMRC). HMRC has reported that completed residential property sales have hit a two year high in December.
The number of deals over the £40,000 mark show a rise to 104,000 involving properties which were completed in December 2009. This is the first time since December 2007 that levels of over 100,000 have been achieved.
The month with the fewest number of completed transactions was in January 2009. In that month only 41,000 properties were sold. That was the smallest number of properties sold in any month since current records began in 1977.
The annual summary indicates a low point in the recession over the last few years of the beginning of 2009. Similar total number of sales in 2009 equated to 848,000 compared with the previous years total of 920,000.
The rate of fall however was steep with more than 1.6 million properties being purchased in both 2006 and 2007.
The volume of sales and interest in the market are one of the most important factors that do determine the rate of price variation. Both the Nationwide and the Halifax indicate that the prices at the end of 2009 were higher than the start. The formal Land Registry data has yet to be confirmed.
A greater level of enquiries for professional work have being received in January suggesting a continued growth and a slow continuous growth throughout this year is expected by us as well as by many market analysts.
Market Update Comments
04th February, 2010