Residential property transactions increased by 5.2% in the year to January 2020, according to HMRC ‘s latest property transaction statistics.
There were 102,810 residential transactions recorded last month, which is up 4.1% compared with December 2019.
The uptick in transactions suggests that confidence in the housing market is improving, thanks in part to greater political certainty following the decisive outcome of the recent general election.
Andrew Montlake, managing director at Coreco, said: “On this evidence, the extreme paralysis that gripped UK politics in 2019, did not transfer to the property market.
“For residential transactions in January 2020 to have surpassed the same month in 2019, is yet more proof of the property market’s resilience during a year of extreme political uncertainty.”
Joseph Daniels, the founder of offsite eco developer Project Etopia, commented: “The UK is finally exhibiting some get-up-and-go in terms of sales volumes.
“This is the second month in a row that the market has chalked up annual growth on a seasonally adjusted basis, and the second month in a row that the total has smashed through the 100,000 mark.
“The rate of growth also remains impressive, coming in at 5.2% for January, following 6.8% year-on-year growth in December. On a non-seasonally adjusted basis the annual growth rate last month hit 12.7%.”