The most recent data from HMRC covers the August 2017 period when UK property transactions fell by 1.8% compared with the previous month, but this was still 4.65% higher than in August 2016. There were 100,850 residential transactions and 9,440 nonresidential ones in August this year. The largest decrease in sales is to buy-to-let landlords, down by 33% on 2016. This has caused a shortage of rental properties in some areas, this driving rents up. Estate agent Jeremy Leaf told PropertyReporter.co.uk in October 2017:
“This is the latest in a series of housing data showing some softening in activity but certainly no collapse, despite a likely imminent interest rate rise and economic uncertainty. “On the ground, trading is still tough but buyers and sellers prepared to be realistic are still making deals happen – especially at more affordable price levels.”
Bridging loans also declined in the third quarter of 2017 compared to the second quarter. Like property transactions though, this was up on the same period last year, with a 2% increase. It is expected that the Bank of England interest rates will rise, and there is economic uncertainty because of Brexit. This will affect the property market, but financial experts are mostly optimistic that the market will remain in good shape Interest rates on standard and commercial mortgages are low, and there is a wide range of financial options available for both private and commercial buyers. Meanwhile, strong competition between bridging finance lenders has helped keep loan costs down.
