British property sales rise year on year

British property sales rise year on year

The British property market has faced a number of real challenges in the past 12 months. From somewhat confusing changes to rules relating to Stamp Duty to the uncertainty in the run up to the election that caused many to adopt a wait-and-see attitude, there have been reasons why it would have been reasonable to expect a rather slow 12 months. 

However, a new report suggests the British property market has been as resilient as ever, handling these challenges with prowess to come out the other side with more sales than we witnessed a year ago. 

Between August and September of this year, Land Registry data shows, there was a 0.8 per cent increase in the number of homes sold. But it was the yearly rise that was more impressive. In the past 12 months to the end of September, there was an increase of some 5.4 per cent in the number of sales. 

Peter Rollings, chief executive of Marsh and Parsons, believes the main reason for the rise has come about in the summer and autumn months. This could show just how well the UK recovered from a period of uncertainty, with buyers just waiting for the right time to make a purchase rather than fearing doing so at all. 

"Since June property sales have been ticking along nicely, with this month on month rise the latest cause for optimism. There’s now clear blue water between sales levels now and a year ago and we’re seeing real eagerness from buyers," he said. 

He also suggested we could even see more of a pick up in the number of homes being sold in the next two months, as a rising number of people look to get themselves moved in and settled before the festive period begins. 

Moving forward further, with fewer challenges for the market to handle, the year ahead could even see a rise in the number of sales becoming a long-term reality.