Search Acumen comments on the HMRC number of non-residential transactions for December
Andrew Lloyd, managing director of Search Acumen, comments on HMRC number of non-residential transactions for December:
- December 2015 saw 9,700 seasonally adjusted commercial property transactions, the highest December levels since 2007 (when there were 11,210 transactions).
- 2015 as a whole saw 117,050 – the highest level since 2007 and 0.4% higher than the 116,620 recorded in 2008.
“The commercial property market has plenty to celebrate, with December 2015 seeing the highest number of completed transactions since December 2007, before the credit crunch put the market into reverse.
“The strong end to the year meant that 2015 saw the number of completed commercial property deals finally overtake 2008, although we have some way to go if 2016 is to hit the highs last seen in 2007.
“Commercial property in the UK is seen as a relatively safe asset, so it could benefit from the current turmoil in global markets triggered by fears over China when investors see a flight to safety. We also know British companies are optimistic and expect activity to increase over the next year.
“Commercial property lawyers will be planning for a busy pipeline of activity in 2016. To maximise their opportunities to advise on deals they will need to minimise any potential hold-ups caused by back office issues through exploring suppliers and updating their support technology.”
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