Property sales down 8.8% from last yearMake Text Bigger
HMRC have released their monthly UK property transaction count for June 2018 and the number of non-adjusted residential transactions was 8.8% lower than in June 2017.
Whilst many landlords are paying more tax due to Section 24 mortgage interest relief restrictions, and their costs from increased regulation are rising, less rental property is being purchased.
The Government is destabilising the housing market and the reality of these figures are that they’re helping no-one other than trying to satisfy more voters to keep them in power.
Rents are rising, less rental homes are available and HMRC revenues are actually down, but our customers, tenants, are the REAL losers.
The protests from so-called tenant support groups is ‘deafening’!
The HMRC report (click here to see the full report) indicates the seasonally adjusted estimate of the number of residential property transactions decreased by 3.0% between May 2018 and June 2018. This month’s seasonally adjusted figure is 5.7% lower compared with the same month last year. The Chart below shows the historic time series for residential property transactions.
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