Sales of UK property cooled in October, accordng to HMRC, although the market has made significant improvements in the past 12 months.
The provisional seasonally adjusted residential property transaction count for October 2014 was 98,490, down 4.3 per cent from September 2014.
The pattern since the beginning of 2013/14 has been of a general month-on-month increase in transactions for the seasonally adjusted data until February 2014, then a gradual decrease followed by a flattening out of transaction numbers, as the MMR restrictions and caution surrounding the Bank of England’s base rate hike have combined to cool demand.
In October 2014, the number of non adjusted transactions has risen compared with September 2014, for residential properties. However, the rise was smaller than in previous years, so the seasonally adjusted figure for October 2014 is lower than in the previous month but higher than in October 2013.
The month’s figure, nonetheless, is 3.2 per cent higher compared to the same month last year.
Source: The Movechannel