Comment on HMRC monthly property transactions
Following this morning’s release of the HMRC monthly property transactions, Simon Webb, managing director of capital markets and finance at LiveMore, said: “Housing transactions dipped in December from the previous month but 2022 saw a relatively strong housing market with an estimated 1,258,090 homes being bought.
“The December housing transactions will be completions from buyers putting offers in at least three months ago, in most cases, before the mini-Budget last September caused some panic in the housing and mortgage markets.
“But transactions are now starting to slow and I expect for the early months of 2023 numbers will be lower as people were putting buying and selling plans on hold in the last quarter of 2022. A combination of potential recession, high inflation and cost of living plus higher mortgage rates, although they have been coming down, brings uncertainty into people’s minds.”
Link to HMRC data https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary