HMRC recently released its latest Property Transactions data, painting a very interesting picture of the end of another busy and complex year for the property market. Christmas slump or busy end, all considering? Take a look below.
Headline figures include:
Residential
- Non-seasonally adjusted: “The number of UK residential transactions in December 2022 is 108,960, 1% lower than December 2021 and 3% lower than November 2022.”
- Seasonally adjusted: “The number of UK residential transactions in December 2022 is 101,920, 1% higher than December 2021 and 3% lower than November 2022.”
Non-residential
- Non-seasonally adjusted: “The number of UK non-residential transactions in December 2022 is 10,810, 5% lower than December 2021 and 9% higher than November 2022.”
- Seasonally adjusted: “The number of UK non-residential transactions in December 2022 is 9,800, 1% lower than December 2021 and 3% higher than November 2022.”
We spoke to Conor Murphy, Smartr365 CEO and Founder, to learn what this means in real terms.
“Rates continued to fall in December and into the new year after having peaked in November. We are now back in a competitive and well-priced market, which should help stoke demand.
“Product withdrawals have also thankfully settled and there are more lenders in the market now than at this time last year, encouraging greater competition on pricing and innovation of products and policy. Lenders also remain keen to add to their loan books, rounding off a range of reasons to be optimistic for the year ahead.
“As we edge closer to the annual spring bounce, lenders should look to invest in their back-end processes to make the most of the busier period. Consumers expect a seamless, digital homebuying journey, and the onus is on us to provide it.”
Book your free demo here to see how Smartr365 can enable a smoother ride through this busier period.