“After witnessing a 4.3% decrease between August and September, it is encouraging to see the seasonally adjusted UK property transaction count return to growth in October. Confidence appears to be on the up and buyers are beginning to return to the market as the Brexit dust somewhat settles.
“An even more positive sign for the economy could be the positive pick-up in non-residential activity, as transactions in the commercial market increased 4% between September and October. Commercial property was the sector that many felt would be most vulnerable in the aftermath of the referendum and these times of uncertainty, yet the apparent buoyancy of the commercial market paints a much more positive picture as we head towards the year’s close.
“While we are right to feel positive about the market’s short-term resilience, the year-on-year image is still rather bleak. Residential transactions were down 8% in October 2016 compared with the same month a year earlier and all eyes are on Phillip Hammond to tackle the deep-rooted issues that long predate the EU referendum. Tomorrow’s Autumn Statement is an opportunity to put some spring into the step of UK housebuilders and revive the homeownership aspirations of a generation of renters left behind by the market.”