The number of property transactions taking place in the UK have risen month-on-month, it has been revealed.
Following the result of the EU referendum in June, the number of property transactions taking place in the UK are up by 6.5% month-on-month.
Prior to the referendum many parties involved in ongoing property deals chose to put their business on hold, citing uncertainty in the market as the main factor behind their decision. Now that the dust has settled, many of these on hold deals have resumed, leading to a jump in the numbers.
Experts believe that another factor playing in to the rise is the government’s decision to cut the interest rate. Firstly, the interest rate cut has brought some level of calm to the political and financial turmoil that has followed Brexit, and has also made the process of buying a house somewhat cheaper. Secondly it’s likely the market will go back to the continuous growth we’ve seen for the past few years, meaning many buyers are rushing to close deals before the prices begin to rise again.
Another cause for the rise in transactions could be down to the recent rise in Stamp Duty which has seen many landlords retreat from the property market, leaving the market more open to prospective buyers.
With house prices constantly on the rise and many struggling to find the money for a deposit, the combination of Brexit and lower interest rate has presented many prospective home owners with a once in a lifetime opportunity, and they’ve chosen to take it.
