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Search Acumen comments on HMRC’s Monthly Property Transactions for March

Search AcumenAndy Sommerville, Director of Search Acumen [1], comments:

“March traditionally sees a slight increase in property transactions, however, the constantly shifting Brexit deadline and the resulting ripple effect of uncertainty through UK markets has contributed to growth remaining flat last month.

“But will property investors remain spooked until the UK has left the EU? There is some hope in the non-residential sector, where transactions have risen for the second consecutive month, but we can’t hold our breath. The property transaction process in the UK can be slow under the best market conditions and Brexit, and the resulting knock to consumer confidence, has no doubt exacerbated this.

“The industry focus needs to remain on making the process of buying and selling a home as easy as possible. Recent innovations have begun to chip away at major speedbumps and inefficiencies, such as the application of blockchain technology to speed up transaction times – but we must keep our foot on the gas. Only with continual improvements and increasing digitalisation will we be able to address the current inefficiencies and improve the reliability and resiliency of the market.”

HMRC’s Monthly Property Transactions for March [2]