UK property transactions have increased by a significant 7.2% between June and July of this year with 110,970 recorded sales according to the latest residential property statistics from HMRC and have generated an annual increase of 32.9%.
According to the latest HMRC residential property statistics, the number of transactions in the UK property market recorded between June and July totalled 110,970 and has generated significant annual growth of 32.9% in the market, and the number of transactions is an incredible 36.7% higher than figures recorded in July 2021 – when seasonally adjusted to compensate for the stamp duty holiday ending in that July last year.
The number of UK residential transactions over recent months has also remained stable and elevated when compared to both pre-pandemic and pandemic levels, with 110,970 transactions recorded for July 2022 and just 104,780 transactions in July 2019.
"It seems the traditional summer slowdown has not had an impact on today’s HMRC figures. While supply remains constrained, it is possible that house prices will continue to defy gravity, albeit, perhaps, growing at a slower rate, despite affordability challenges." Simon McCulloch, Chief Commercial & Growth Officer at Smoove.‘‘
As the market continues to outstrip supply and buyer demand reaches an all-time high each consecutive month, the UK property industry remains the strongest investment asset class in the country, providing high capital growth and rental yields as rental demand continues to rise exponentially across the country.
To learn more about the UK property industry and how you can capitalise on the frenetic rental demand the market is experiencing, get in touch with one of our expert property consultants today.