Data shows rise in home purchases during August

September 30, 2020 by Brendan O'Neill

Surveys and Statistics

The most up-to-date UK Property Transactions Statistics released by HMRC show there was a month-on-month rise in the number of residential properties bought and sold during August.

The data in the report reveals that the number of home transactions that took place last month rose by 15.6% compared with the figure for July. However, although this is positive news for 2020, considering the economic problems that the COVID-19 pandemic has wrought, when compared with the total for August 2019, it is still considerably lower. August 2020 saw 81,280 residential transactions take place, which is 16.3% less than the total for last August.

For further evidence of the effect that the pandemic has had on the market, the statistics released by HMRC also demonstrate that the number of home-buying transactions that took place in the second quarter of 2020 represented the lowest number per quarter since the first quarter of 2009 – immediately after the 2008 financial crash.

Speaking to Mortgage Introducer, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Harris from SPF Private Clients stated that the figures showed it was taking more time to finalise transactions right now because some mortgage lenders were having difficulties with service levels, among other issues, before adding:

“Buyers need to be patient, as well as engage good advisors who can help steer the transaction through in as prompt a fashion as possible.”

This is a chance for mortgage advisors to boost their reputation by using knowledge picked up during their CeMAP training course to help clients complete their purchases quickly.