The tax Department in the UK regularly publishes data on the level of sales in the real estate market in the UK. According to the latest HMRC report, levels of residential sales fell in July 2014 by 1.3%. But this decline is virtually negligible, compared with the growth in the number of sales that occurred over the past year. The amount of July sales 2014 up 13.5 % over July 2013.
About 101190 transactions were concluded in July 2014, the residential property market in the UK and 9330 on the commercial real estate market.
Meanwhile, a huge number of applications – 359587 was committed in the Land registry in the UK for the registration of transactions.
Therefore, a slight seasonal slowdown in the market is more of a seasonal factor.
The real estate market of UK, which is saturated with the incoming new objects, finds its balance of supply and demand and not so frightening buyers with their prices. Sellers in the market are not the party that dictates the terms of the transaction. Increased during the year, the market activity indicates the stability of the market and positive sentiment.
After the introduction in April 2014, new mortgage rules and new criteria for assessing the solvency of borrowers, not surprisingly, the market experienced a braking effect. But the obvious fact – a little bit of wheelspin market in connection with introduction of new rules related to mortgage lending, did not cause the global recovery of the real estate market.
All these measures have the goal to protect parties to the transaction and will only even more to feel confident all the actors of the real estate market.
A surge in the number of newly received objects on the market is a deterrent to the growth of prices. Improving market conditions for buyers means increasing confidence, which means that the number of transactions made in the fall must be even greater.
® Alice Morgan 22.08.2014 g.
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