LMS Comment: HMRC Property Transactions for January 2018

Nick Chadbourne, chief executive of LMS, comments on the HM Revenue and Customs UK Property Transactions Count, January 2018:

“January saw steady improvement in the housing market according to HMRC’s latest figures.

“Record numbers of first-time buyers are helping to drive activity and 2017 saw the highest number of first-time buyers in more than a decade which is reflected in our own conveyancing volumes.

“Help-to-buy, affable interest rates and the Chancellors recent easing of Stamp Duty have all helped first-time buyers make their first step on the property ladder.

“However, with asking prices rising by an average of £2,400 in January alone, and suggestions that the Bank of England will look to increase base rates at least once in 2018, there is no room for complacency and more can still be done to keep prices competitive and maintain demand.

“The talk of further rises in the base rate should continue to stimulate demand in the remortgage market as borrowers look to fix and protect themselves against future increases.”

1. The seasonally adjusted estimate of the number of residential property transactions increased by 1.3% between December 2017 and January 2018.

Kindly shared by LMS