Andy Sommerville, director of Search Acumen, comments on the HMRC UK property transactions data for May:
“It’s still too soon to tell whether the property market can breathe a sigh of relief that business is back on track after the recent slowdown. May’s data shows a slight increase in transactions from April, but we’re still not matching activity levels from last year.
“The squeeze on mortgage finance and shortage of homes still look like they are weighing down on the market. The first week of the election month was wrought with uncertainty, and it will clearly take time for the market to gather steam as we push into the summer.
“However, positive economic indicators such as falling unemployment and minimal inflation should work in favour of prospective buyers. A big jump in the non-seasonally adjusted transaction figures for England in May also hints that some momentum is growing, which makes this the ideal time for conveyancing firms to put the right resources in place and sharpen up their competitive edge.”
