The Mortgage Industry

HMRC reveals property transactions fell by 52% from September to October, but is this cause for concern?

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November 29, 2021

Earlier this week, HMRC revealed that the number of property transactions completed in October is less than half (48%) of the total completed the month prior, but is this a sign to panic? We spoke to our CEO, Conor Murphy, to explore what the market should take away from this temperature check. Take a look at what Conor had to say below.

An overview of the findings

· 76,930 property transactions were completed in October – a 52% fall on the total completed the month prior.

· HMRC attribute this to ‘significant forestalling activity by taxpayers whilst completing UK residential transactions in September 2021’ and note that this fall is ‘expected but noticeable.’ · Take a look at the release in full, here.

Conor Murphy, CEO, Smartr365 commented:

“Though we are beginning to see some of the froth come off, due to the declining overspill activity from the Stamp Duty holiday, the market remains busy. Modest interest rates

primarily drove purchase activity throughout October, with demand also topped up by the ongoing ‘race for space’ and imbalance between housing supply and demand.

“However, this is no time for the sector to become complacent. December is a fantastic time to take stock of market activity and plan how to turn your business objectives for the new year into a reality. Investing in the latest mortgage tech tools is the best way to put more time back in brokers’ pockets and tee your business up for success in the new year, whatever the market conditions.” If you’re keen to see how Smartr365 can transform the way that you conduct business, book your demo today to be guided through the platform by one of our talented team.